• 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