Sinochem Buys 40% Statoil Brazil Stake

Sinochem is paying Statoil $3.07 billion in cash for a 40% stake in the offshore Peregrino oil field in the Campos basin of Brazil.
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NEW YORK (TheStreet) -- China's Sinochem is paying Statoil (STO) $3.07 billion in cash for a 40% stake in the offshore Peregrino oil field in the Campos basin of Brazil.

The 40% divestment will cut Statoil's oil production in 2012 by 40,000 barrels of oil equivalent per day to a range of about 2.06 million to 2.16 million barrels of oil equivalent per day.

Statoil says Brazil will remain an important part of its business.

The Brazil oil field is set to start production in early 2011.

-- Reported by Andrea Tse in New York

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