Joint-venture company Repsol Sinopec won’t exercise its preferential right to buy a 90% stake in the Albacora Leste oil field offshore Brazil from state-led Petrobras, clearing the way for independent player Petro Rio to snap up the stake and dramatically boost oil reserves, Petro Rio said May 30. Repsol Sinopec submitted the waiver to Petro Rio on May 28, Petro Rio said in a filing with local stock regulators. Repsol Sinopec owns a 10% equity share in the field but held an option under the field’s jointoperating agreement that allowed the company to match any offer Petrobras received for its 90% operating stake.
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