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Galp Energia announces a partnership with Sinopec to jointly develop its Brazilian upstream portfolio, valued at $12.5 billion
Galp Energia and Sinopec have reached an agreement for the capital increase in Galp Energia’s Brazilian subsidiary, Petrogal Brasil. This agreement confirms Galp Energia as one of the most relevant upstream players in Brazil and ensures the development of the Company’s assets in this country, while establishing a partnership with Sinopec, a world class energy group.

Under the terms of the agreement, Sinopec will subscribe a $4.8 billion capital increase in Petrogal Brasil, and other related operational subsidiaries, valuing the existing Galp Energia’s Brazilian assets at an enterprise value of $12.5 billion at closing.
Upon completion of the transaction, Galp Energia will retain 70% ownership, remaining the controlling shareholder of that company, and thus continuing to full consolidate those assets, while Sinopec will hold the remaining 30% interest and, through board representation, will have an adequate involvement in Petrogal Brasil.

In addition, Sinopec will make a shareholder loan to Petrogal Brasil in the estimated amount of $390 million, which will be used to reimburse 30% of the loans to Galp Energia of $1.3 billion.

date.png11 Nov 2011 17:36 | comments.png 0 Comments | tags.png brazil deals galp s-america sinopec upstream [ More ]

Daylight Energy Ltd. To Be Acquired By Sinopec International Petroleum Exploration and Production Corporation
Daylight Energy Ltd. ("Daylight" or the "Corporation") (DAY-TSX) is pleased to announce that it has entered into an agreement (the "Arrangement Agreement") with Sinopec International Petroleum Exploration and Production Corporation ("SIPC") for the purchase of all of the issued and outstanding common shares of the Corporation (the "Common Shares") at a cash price of C$10.08 per Common Share, for total cash consideration of approximately C$2.2 billion. The transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). The consideration offered for the Common Shares pursuant to the Arrangement represents a 43.6% premium over the 60-day weighted average trading price of the Common Shares on the Toronto Stock Exchange up to and including October 7, 2011. SIPC is a wholly owned subsidiary of China Petrochemical Corporation ("Sinopec Group") and undertakes overseas investments and operations in the upstream oil and gas sector. Sinopec Group is China's largest producer and supplier of oil products and major petrochemical products.

date.png11 Oct 2011 05:26 | comments.png 0 Comments | tags.png canada daylight deals sinopec [ More ]

Australia Pacific LNG completes Subscription Agreement with Sinopec
Origin Energy advises that the Subscription Agreement facilitating the acquisition by Sinopec of a 15% ownership interest in Australia Pacific LNG Pty Ltd ("Australia Pacific LNG") has completed today.

In addition, all conditions precedent have now been met for the sale of 4.31 million tonnes of LNG per annum by Australia Pacific LNG to Sinopec, commencing in 2015.

Australia Pacific LNG received US$1.765 billion for the 15% ownership interest. As a consequence, ConocoPhillips' and Origin Energy's ownership interest in Australia Pacific LNG has been diluted to 42.5% each.

This investment by Sinopec provides a net reduction in funding requirements of US$750 million to each of Origin and ConocoPhillips (being 42.5% of US$1.765 billion).

Origin Managing Director and Chairman of Australia Pacific LNG, Mr Grant King said, "We officially welcome Sinopec to Australia Pacific LNG as a shareholder and foundation customer. We look forward to working alongside ConocoPhillips and Sinopec to deliver the Australia Pacific LNG project, drawing on the extensive experience and capabilities within the joint venture in CSG production, development and operation of LNG facilities."

date.png09 Aug 2011 10:52 | comments.png 0 Comments | tags.png australia conoco lng origin sinopec [ More ]

Sinopec Completes Drilling of First Horizontal Well for Shale Gas
Sinopec has completed drilling of its first horizontal well for shale gas, Jianye HF-1 well, and has moved into the stage of completion operation. Located in Jiannan area, Hubei Province, Jianye HF-1 well is the first horizontal well targeted at Jurassic formation.

date.png29 Jul 2011 13:44 | comments.png 0 Comments | tags.png china gas shale sinopec [ More ]

Australia Pacific LNG takes FID on first phase of two train project
Origin Energy Limited ("Origin") today announced that the Board of Australia Pacific LNG has approved a Final Investment Decision ("FID") on the first phase of a two train CSG to LNG project in Queensland.

date.png28 Jul 2011 05:24 | comments.png 0 Comments | tags.png australia conoco lng origin sinopec [ More ]

Eni and Sinopec sign a Memorandum of Understanding to develop business opportunities in China and abroad
Today,Eni signed a Memorandum of Understanding for Strategic Cooperation with Sinopec Group, one of the largest National Oil Companies (NOC) in the world. The Memorandum sanctions a broad spectrum of possible business opportunities to be jointly evaluated by and to the benefit of both Parties, in China and internationally.

date.png25 Jul 2011 08:23 | comments.png 0 Comments | tags.png china deals eni sinopec [ More ]

Repsol makes a new discovery in Brazilian ultra-deep water
Repsol Sinopec and its partners Statoil and Petrobras have made a discovery of good quality oil in the 1-REPF-11A-RJS well, informally known as Gávea. The find in Gávea is the most significant made in the pre-salt area of the Campos Basin.

date.png29 Jun 2011 17:38 | comments.png 0 Comments | tags.png brazil petrobras repsol sinopec statoil upstream [ More ]

Sinopec selects Siemens for wastewater treatment at Chinese refinery
Siemens Water Technologies will provide a system to treat wastewater at China Petroleum & Chemical Corporation (Sinopec Corp.)’s Anqing refinery, in Anhui Province, China. The complete wastewater treatment solution will include a powdered activated carbon treatment (PACT) system, a Zimpro wet air regeneration (WAR) hydrothermal unit, and a Hydro-Clear sand filtration system. The three-tier system will be used to treat salty and oily wastewater from refining and petrochemical production activities from existing and upgraded units. The wastewater needs to meet the Chinese specifications for surface discharge. The system will become operational in 2012.

date.png31 May 2011 05:29 | comments.png 0 Comments | tags.png china refinery siemens sinopec [ More ]

Sinopec Launches First CBM Demonstration Project
Sinopec East China Company kicked off the coal bed methane (CBM) capacity building project in the southern industry zone of Yanchuan, Shanxi Province in early March. It is Sinopec’s first CBM capacity demonstration area. The demonstration project is projected to be completed in two to three years, and the major part of the project will be finished by the end of this year. It is estimated that by 2012, massive gas output will be achieved with considerable economic value.

date.png12 May 2011 07:42 | comments.png 0 Comments | tags.png cbm china gas sinopec upstream [ More ]

SINOPEC Tianjin Company Became the First in China to Solely Process Condensate
Recently, with on-spec products coming out from the No1. atmospheric and vacuum distillation unit, this old unit in Sinopec Tianjin Petrochemical, built in 1976, was upgraded after maintenance and became the first dedicated condensate processing unit in China. From then on, feedstock for ethylene cracker in Sinopec Tianjin Petrochemical is basically self-supplied, and SINOPEC Tianjin has also become the first condensate refiner in China.

date.png21 Apr 2011 11:12 | comments.png 0 Comments | tags.png china refinery sinopec [ More ]
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