China's Sinopec to Invest $7.1 Billion in Repsol Brazil (oil and natural gas deal)

[pampango]

Source: Daily Finance

Sinopec Group (SHI), China's second-largest oil and gas producer, will invest $7.1 billion in Repsol's (REP) Brazilian unit. Sinopec will buy new shares in the Spanish company's Brazilian unit, giving the Chinese company a 40% stake, Bloomberg News said.

Repsol holds stakes in Brazil's Santos, Campos and Espirito Santo basins, and plans to invest as much as $14 billion by the end of 2019.

Last year, Sinopec bought Addax Petroleum Corp for C$8.3 billion ($8 billion), giving it access to oil reserves in Iraq and West Africa.

Chinese companies are hunting assets abroad to meet domestic demand in the country, now the world's largest energy consumer.

Read more: http://www.dailyfinance.com/story/investing/chinas-sinopec-to-invest-7-1-billion-in-repsol-brazil/19656845/

[HysteryDiagnosis]

1. There must be some terrorist elements in China that could

justify an invasion.... right GW??