BUSINESS
11/11/2011 05:28 EST | Updated 01/11/2012 05:12 EST

China's Sinopec takes $4.8BN stake in Portuguese company's Brazilian oil operations

LISBON, Portugal - Portuguese energy company Galp Energia says China's Sinopec is paying $4.8 billion (€3.5 billion) for a 30 per cent stake in its Brazilian subsidiary Petrogal Brasil.

Chinese energy companies have in recent years looked abroad for resources to ensure supply for the country's fast-growing economy.

Last year, Spanish energy company Repsol sold a 40 per cent stake in its Brazil subsidiary to Sinopec for $7.1 billion.

Lisbon, Portugal-based Galp Energia SGPS, S.A. said Friday the deal with China Petroleum and Chemical Corp., or Sinopec, would help it expand operations in Brazil.

Galp said the agreement is subject to regulatory approval.