Sinochem, the Chinese state-owned energy and trading group, wants to pursue more investments in Brazil in partnership with Norway’s Statoil in spite of political tensions between the two countries.
Sinochem, which invested $3.1bn last year in a 40 per cent stake in Statoil’s Peregrino offshore field near Rio de Janeiro, has set up a presence in the Brazilian city in preparation for future auctions of oil exploration blocks.
“Statoil is a very good partner. We could co-operate in future,” said Ji Fahua, vice-president of Sinochem Petroleum Exploration & Production and country head of Brazil.
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