Sinopec Likely To Gain A Slice Of Latin America Through Repsol Acquisition

BMI View: Reports that Sinopec is considering taking a 10% stake in Repsol from Sacyr Vallehermoso are credible due to Sacyr's financial situation and the fact that an acquisition would complement Sinopec's Latin American strategy. We believe that, given the discount price and the exposure the deal offers to the highly prospective Vaca Muetra acreage, Sinopec is likely to make an offer, even if it has to fight off other international

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