Sinopec buys 30 pct stake in Galp’s Brazilian oil assets

Beijing (CNS) -- Sinopec announced on Thursday that it had acquired a 30 percent stake in Galp Energia's Brazilian oil and gas assets for US$5.156 billion.

Sinopec bought Galp's stake by purchasing seasoned equity offerings as well as assuming shareholder loans.

By 2015, Sinopec will gain additional daily yields from the stake amounting to 21,300 barrels of oil equivalent (BOE), and the figure will reach its peak in 2024 at 112,500 BOE, estimated the Chinese energy giant.

Galp is comprised of more than 100 Portuguese oil companies with comprehensive business coverage of the industrial energy sector. It is mainly supplied by resources in the southern Atlantic coast regions such as Angola and Brazil, and targets the market on the Iberian Peninsula.