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Sinochem to Buy Stakes in Brazil Deep Water Blocks From Perenco

Sinochem Group, China’s biggest supplier of chemical products, agreed to buy 10 percent stakes in five deep water natural-gas and oil exploration blocks off the coast of Brazil from Perenco SA.

The purchase of the project stake in the Espirito Santo basin “lays the foundation for the company’s further development in South America,” the company said in a statement on its website yesterday, without giving financial details. The purchase by a Sinochem unit in Brazil is subject to government approvals, according to the Sinochem statement.