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Repsol's riches

1 October 2010 By Fiona Maharg-Bravo

The Spanish energy giant is selling 40 pct of its Brazilian unit to China’s Sinopec at a rich price. Repsol gets needed exploration funds, locks in a flush partner and stays in the driving seat. As for Sinopec, potential for more oil in Brazil means it may not be overpaying.

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