China Knowledge reported that Norwegian state owned oil company Statoil ASA has signed a memorandum of understanding with Chinese state owned Sinochem Group, the fourth largest oil company in China in terms of assets to strengthen cooperation and exchange.

Pursuant to the MOU, both parties will deepen their partnership in Brazil and other regions and promote business development of the upstream and downstream oil industry.

Mr Liu Deshu Sinochem president said that Sinochem values the long term partnership with Statoil. The Peregrino project in Brazil marks the beginning of the ties between two firms and both parties will further strengthen the full-range cooperation regarding oil and gas exploration, refining and trade globally.

Last month, Sinochem announced that its listed subsidiary Sinochem International Co reached agreement with Statoil to acquire a 40% stake in Brazil-based Peregrino Oil Fried for USD 3.07 billion.

(Sourced from China Knowledge)