Sinopec Eying Galp Brazilian Unit

It is reported that China Petroleum and Chemical is in talks with Galp the largest oil refinery in Portugal over the prospect of acquiring its business in Brazil for two billion Euros.

Galp is negotiating with other bidders and the final bid is to be closed at end of this month. Neither Sinopec nor Galp has disclosed any information regarding the potential acquisition.

Separately, Sinopec Group purchased a 40% interest in Repsol through its Hong Kong subsidiary for USD 7.11 billion marking the largest investment in Brazil by a Chinese firm.

(Steelguru)