Sinochem Group (600500.SH) has agreed to buy a 40% stake in a Brazilian oilfield from Norway’s Statoil (STO.NYSE, STL.OSL) for US$3.07 billion, Bloomberg reported. Statoil also signed a memorandum of understanding with Sinochem to explore other opportunities in Brazil as well as other regions. Sinochem succeeded in nudging out competing bids for the Peregrino oilfield – CNOOC (CEO.NYSE, 0883.HK) was reported to have also expressed strong interest in buying the stake from Statoil. Beijing has been strengthening its energy supplies from South America with several big deals made in the region over recent months: CNOOC in March unveiled a US$3.1 billion investment in a joint venture with Argentina’s Bridas Energy.
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