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Xinjiang Oil field expands the green development
Sinopec Group announced on the 8th that it reached an agreement with major Spanish oil company(Repsol) and invested $ 7,109,000,000 to subscribe additional shares in Brazilian companies. That is the second large sums of overseas investment, foreign medias say this is based on the China's energy demand growth.
The Associated Press reported on the 8th that according to subscription agreement, Repsol and Sinopec Group will jointly develop the existing assets in Brazil, while allowing both parties to participate in future joint or separate new block bid. After the completion of the subscription, the stake of Sinopec Group Company in the Repsol in Brazil will reach 40%.
Reuters reported on that day, China's massive investment in overseas natural resource projects is to meet the domestic growing needs. In 2010, China may become the largest foreign direct investor in Brazil. The two countries’ dependence on United States and other traditional partners will decline.
International Energy Agency has pointed out in the oil market report in June, 2010, the total Chinese overseas investment of state-owned oil companies will more than 18.2 billion U.S. dollars in 2009.The acquisition shows that activities of China in international energy field have become increasingly active.
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