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Sinochem – Statoil stake acquisition
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US$3.1bn | |
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| Synopsis Sinochem has agreed to acquire a 40% stake in Peregrine oil field from Statoil | ||
| Firm | Client | Role |
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Baker Botts [Lead partner: Zhang Libin]
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Sinochem
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US and PRC counsel
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Sinochem
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Brazilian counsel
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NautaDutilh [Lead partner: Harm Kerstholt]
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Sinochem
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Netherlands counsel
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Vinson & Elkins [Lead partner: Alex Msimang]
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Statoil
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UK and US counsel
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Advised by Baker Botts, Demarest and NautaDutilh, Sinochem has recently agreed to acquire a 40% stake in the Peregrino oil field in Brazil’s Campos Basin for US$3.1bn. The acquisition, once successful, will set the record for China’s largest investment in Brazil. Before this deal, the biggest Chinese buyout in Brazil was East China Nonferrous Metal Prospecting Bureau's US$1.22bn purchase of an iron ore project in March.
Demarest, which conducted the due diligence, reviewed the transaction documents, oversaw deal structure and advised on the petrol regulatory aspects of the deal, was recommended to Sinochem by an undisclosed law firm.
Vinson & Elkins represented long-standing client Statoil ASA, Norway’s largest oil and natural gas company, on the sale. London managing partner and energy projects lawyer Alex Msimang headed up the firm's team.
The deal follows a recent US$1.7bn buyout agreement between China State Grid and Spanish companies Cobra, Elecnor and Isoluxy. Both transactions are subjected to government approval in Brazil and China. ALB
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