Sinopec to buy into Repsol projects for £4.5bn

Chinese oil giant Sinopec has agreed to pay $7.1bn (£4.5bn) for a 40 per cent stake in the Brazilian energy projects of Repsol.

It means that the subsidiary - Repsol Brasil - now has enough money to develop its major offshore assets in the Guara and Carioca basins, near Rio de Janeiro and Sao Paulo.

However, the Spanish company will keep a 60 per cent controlling stake .

Repsol's chairman, Antonio Brufau said: "We are very pleased to share the development of Repsol's Brazilian projects with an internationally renowned and experienced partner as is Sinopec."