Sinopec, CNOOC bid for oil blocks in Brazil

09:46, August 19, 2010      

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China's two oil giants, China Petroleum & Chemical Corporation (Sinopec) and China National Offshore Oil Corporation (CNOOC), are negotiating with Brazil-based OGX Petroleo e Gas Participacoes SA to bid for 20 percent stakes in the company, according to media reports Wednesday.

A source close to the deal said that the two companies have visited the oil blocks and contacted with OGX, but no agreements have been signed to the moment.

OGX announced in May that oil had been found in the OGX-10 and OGX-13 areas of the Campos basin, and in July, in the BM-C-41 block of the basin.

China has become Brazil's largest trade partner, according to announcements from both countries.

Wang Zhen, director of the School of Business Administration of China University of Petroleum (CUP), said that since 1993, China has formed five strategic areas in overseas markets, including Middle Asia and Russia, Middle East, West Africa and North Africa, Southeast Asia and North and South America.

Source: Global Times


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