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Sinopec completes stake purchase of Galp's Brazilian unit

Mar. 30, 2012 (China Knowledge) - Sinopec Group, the parent co of Sinopec<600028><0386>, Asia's largest oil refiner, announced yesterday that it has completed the acquisition of a 30% stake in the Brazilian unit of Galp Energia SGPS SA for US$5.16 billion.

The Chinese oil giant said in a statement that the transaction will give the company an additional daily output of 21,300 barrels of oil equivalent in 2015 and 112,500 BOE in 2024.

The deal was made through Sinopec International Exploration and Production Corp, a fully-owned subsidiary of Sinopec Group.

The takeover is expected to further expand Sinopec's overseas oil and gas business. In 2011, the group's crude oil output reached 321.73 million barrels, of which not more than 6% were from overseas projects.






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