OREANDA-NEWS. August 26, 2013. Sinochem Group signed definitive agreements  with Petroleo Brasileiro S.A. – Petrobras, whereby Sinochem will purchase stake (35%) held by Petrobras in Block BC-10. The consideration amount is USD 1.543 billion in cash.

The acquisition will further consolidate Sinochem’s presence in Brazil.

Block BC-10 is located in the Campos Basin, offshore Brazil, approximately 100 km from the southern coast of Espirito Santo, and is known as "Parque das Conchas".

Both, Shell Brazil Ltda. (operator, with 50% participating interest) and ONGC  Campos  Ltda. (15% participating interest) have, under the Joint Operation Agreement, preemptive rights which may be exercised within 30 days of notification.

The completion of the transaction is subject to certain customary conditions precedent, including the approvals of Chinese and Brazilian governmental authorities.