BRASIL: China Buys 40% Of Repsol's Oil Reserves For... $7.1 Billion.

BLOOMBERG/    Here comes econovore China again!
 This time it is eating up 40% of Repsol's Brasil reserves for...$7.1 billion usd. One analyst calls the valuation of the transaction “surprisingly high."
There's also speculation that the same Chinese state-owned oil firm Sinopec is bidding for Brasil's OGX oil and gas assets valued at $7bn usd.
Repsol believes Brasil's reserves can produce more than 50 million barrels of oil per year by 2018-2020.