Sinochem, Statoil to Jointly Develop Peregrino Field

Sinochem Group and Statoil signed a Memorandum of Understanding that will foster cooperation and experience between the companies. The MoU follows a recent transaction in which Sinochem bought a 40% interest in the Peregrino oil field, set to commence production in early 2011. The MoU underlines the wish of the companies to jointly investigate further opportunities in Brazil and elsewhere.

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