Sinopec and Repsol to explore new global joint ventures

05 January 2011 04:42  [Source: ICIS news]

SINGAPORE (ICIS)--Spanish oil major Repsol said in a statement late on Tuesday it is planning to explore new joint ventures globally with Sinopec, following the Chinese state-owned refiner’s $7.1bn (€5.33bn) investment in Repsol Brazil last year.

“There are significant synergies between Repsol and Sinopec, and the relationship between both companies is ideal to continue reinforcing our alliance worldwide in new business areas,” Repsol chairman Antonio Brufau said in the statement.

The two majors have agreed to set up working groups to examine new business opportunities following Sinopec’s acquisition of a 40% stake in Repsol’s Brazilian unit, the statement said.

Further details on the planned joint ventures were not immediately available.

“The successful co-operation between Sinopec and Repsol reflects the shared desire of both companies to start a long-term and extensive partnership,” Sinopec chairman Su Shulin said in the statement.

“We are committed to making every effort to consolidate and develop this relationship with Repsol in the future,” Su added.

($1 = €0.75)

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By: Nurluqman Suratman

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