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Sinochem – Statoil stake acquisition

US$3,100.00 m
  • Entry date - Monday, 28 June 2010
  • Jurisdiction - China
  • Practice - .
  • Sinochem to acquire 40% stake in Peregrino oil field in Brazil’s Campos Basin from Statoil

  • Firm
    Baker Botts
  • Client
    Sinochem
  • Lead Lawyers
    Zhang Libin
  • Role
  • Firm
    Demarest e Almeida Advogados
  • Client
    Sinochem
  • Lead Lawyers
    Altamiro Boscoli
  • Role
  • Firm
    NautaDutilh
  • Client
    Sinochem
  • Lead Lawyers
  • Role
  • Firm
    Vinson & Elkins
  • Client
    Statoil
  • Lead Lawyers
    Alex Msimang
  • Role


DEAL SUMMARY

• Sinochem to acquire 40% stake in Peregrino oil field in Brazil’s Campos Basin from Statoil

• Acquisition will set record for China’s largest investment in Brazil – biggest Chinese buyout in Brazil so far is East China Nonferrous Metal Prospecting Bureau's US$1.22bn purchase of an iron ore project in March 2010.

• Demarest conducted due diligence, reviewed the transaction documents, oversaw deal structure and advised on the petrol regulatory aspects of the deal. Was recommended to Sinochem by an undisclosed law firm.

• Vinson & Elkins represented long-standing client Statoil ASA, Norway’s largest oil and natural gas company. London managing partner and energy projects lawyer Alex Msimang headed up the firm's team.

• The deal follows a recent US$1.7bn buyout agreement between China State Grid and Spanish companies Cobra, Elecnor and Isoluxy. Both transactions are subjected to government approval in Brazil and China



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