When Repsol sold a 40 per cent stake in its Brazilian arm to Chinese rival Sinopec last year, the Spanish oil producer says the deal would create one of Latin America’s largest energy companies. The deal was a sign of things to come, as Brazil began the exploitation of the recently discovered oil and gas reserves in the basins off its south-eastern coast.
“Brazil’s offshore boasts one of the world’s fastest-growing oil and gas reserves,” Repsol said at the time. “The deal highlights the enormous international interest in this historic moment for Brazil.”
Repsol could have just as easily have swapped the words “international interest” for Chinese interest.
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