Sinopec Clinches Good Price for Galp Brazil Stake

Sinopec Clinches Good Price for Galp Brazil Stake

Brazil China Europe M&A

The China National Petrochemical Corp’s is seen obtaining an attractive price after purchasing a 30% stake in the Brazilian operations of Portugal’s Gap for $3.54bn, marking yet another step into Latin America by the company better-known as Sinopec. “Sinopec got a good deal, and it seems less willing to overpay for barrels as it did in the past,” said Thomas Adolff, European oil industry analyst at Credit Suisse. He notes that Galp was also selling its assets under duress, wh

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