In late March, Sinopec concluded the acquisition of 30 per cent of the assets of Galp Energia SA in Brazil, bringing its total investment in Brazil to US$15.37 billion. Sinopec is a state-owned company and China’s second largest oil and gas producer. With a large number of exploration licences in China and elsewhere, Sinopec is moving into Brazil and consolidating its position as an international oil company (IOC). Acquisition of Galp Energia SA has paved the way for China’s entry i....

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