Madrid (AFP) Dec 28, 2010
Spanish energy giant Repsol shareholders on Tuesday approved the sale of 40 percent of its Brazilian affiliate to Sinopec, China's largest oil group, for 7.1 billion dollars (5.2 billion euros).
"The general assembly of Repsol Brazil shareholders held in Rio de Janeiro today approved the capital increase of 7.1 billions euros which was subscribed in full by Sinopec," the Barcelona-based company said in a statement.
"After this operation, Repsol holds 60 percent of shares in Repsol Brazil and Sinopec the remaining 40 percent," it added.
The deal, which was first announced in October, provides Repsol with funds for development of oil fields in Brazil.
Under the agreement Repsol and Sinopec will continue with expansion plans in Brazil and participate, jointly or separately, in future rounds of tenders in the country.
Sinopec is already involved in exploration and production in more than 20 countries and, like other major Chinese oil companies, it is seeking overseas investments in oil and gas resources to meet China's soaring demand for energy and commodities.
China's energy consumption has become the world's second largest on the back of years of double-digit economic growth.
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Iraq will iron out oil industry troubles: Maliki
Washington (AFP) Dec 28, 2010
Iraq's Prime Minister Nouri al-Maliki pledged his government would address logistical and other woes plaguing international oil firms in his country, The Wall Street Journal reported Monday. In his first interview since his cabinet was confirmed this month, Maliki acknowledged oil companies were facing delays to get needed equipment into Iraq due to airport backlogs and troubles at the main ... read more
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