Sinopec Expands in Brazil With Stake in Energy Company – NYTimes.com

LONDON — Sinopec has agreed to invest almost $5.2 billion in the Brazilian operations of Portuguese energy company Galp Energia, the latest move in a global expansion by China’s largest oil refiner.

Under the terms of the deal, the state-owned Sinopec will invest $4.8 billion for a 30 percent stake in Petrogal Brasil, a subsidiary of Galp Energia in the fast-growing South American country. The Chinese company will make an additional loan to the Brazilian-based business for $390 million.

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