OREANDA-NEWS. December 11, 2012. The trade of 10% equity of our five new offshore exploration blocks was delivered in Brazil, laying a solid foundation for further development in South America, reported the press-centre of Sinochem.

In December 2011, Sinochem Petroleo Brasil Limitada, an affiliate of Sinochem, signed a transfer agreement with Petroleo e Gas do Brasil Ltda., and obtained 10% equity of five deepwater exploration blocks in Espirito Santo Basin, Brazil, by conditionally undertaking a certain amount of exploratory work.

The trade has been approved by the Brazilian government in the past few days.