Tag: Repsol

Brazil refineryAt a year-end breakfast in Rio de Janeiro this morning, Petrobras announced a bit of pre-holiday housekeeping to help set the stage for the expansion planned over the next few years. The Brazilian state-controlled oil company will pay $850m to buy back complete control of the Refap refinery, Brazil’s fifth-largest, from Repsol.

The Spanish group is selling back its 30 per cent stake in the refinery to Petrobras for $350m, who will also take on $500m of debt to acquire full control. The purchase will allow Petrobras to press forward with new investments, as well as increase synergies, said Paulo Roberto Costa, supply director at Petrobras.

China is putting down roots in the backyard of Petrobras, newly-crowned share issue king of world stock markets, with the announcement of a $7.1bn oil alliance in Brazil between Sinopec and Repsol.

In the latest step in China’s global hunt for oil – and one of the more expensive – Sinopec, a state-owned oil and gas company, is to take a stake in the Spanish energy group’s Brazilian subsidiary in order to exploit its oil deposits in the country.

Sinopec will pay $7.1bn for 40 per cent of Repsol Brasil, with the remaining 60 per cent staying in the hands of Repsol, according to a statement from Madrid on Friday.

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