China's state-owned Sinopec is investing $7.1bn in the Brazilian unit of Spain's Repsol-YPF to create one of Latin America's largest private-sector energy companies. Sinopec's investment will enable the subsidiary to fully develop all of its projects in Brazil, including block BM-S-9 in the Santos basin, in which it has a 25pc stake. The block is home to the promising Guara prospect that Repsol-YPF estimates has recoverable resources of 1.1bn-2bn bl of oil equivalent (boe).
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