Asia´s top refiner said in a statement the transaction was subject to approval from the Chinese government.[break]
Galp Energie SGPS SA, a major oil and gas producer in Portugal, operates four offshore blocks in the Santos Basin off Brazil, state-owned Sinopec said.
"The acquisition has further expanded Sinopec´s overseas oil and gas business operations and will make major contributions to the company´s oil and gas output growth," Sinopec said in a statement.
The total cash payout will eventually reach about $5.18 billion, including the value of the 30 percent stake and projected future capital expenditure, Sinopec said.
Shanghai-listed shares in Sinopec were up 0.81 percent at 7.47 yuan in early afternoon trade on Friday, while its Hong Kong shares were up 2.9 percent at HK$8.26.
Galp Energie, which has projects around the world including Brazil, Venezuela, Uruguay, Angola, Mozambique, Swaziland and Gambia, could not be immediately reached for comment.
China´s quest for resources is increasingly taking it to South America, as it seeks to shore up access to oil, gas, coal and iron ore needed to fuel the world´s second largest economy and biggest energy consumer.
Last December, Sinopec said it would buy the Argentinian arm of US Occidental Petroleum Corporation for $2.45 billion, marking its first investment in Argentina´s upstream oil and gas sector.
Norwegian energy group Statoil also agreed last year to sell 40 percent of the Peregrino oil field off Brazil to Chinese company Sinochem for nearly $3.1 billion.
That followed a move by state-owned China National Petroleum Corp. to pay $900 million for access to oil deposits in Venezuela´s eastern Orinoco region.
Chinese trade with resource-rich Latin America has grown about ten-fold over the past decade as Beijing´s search for new sources of raw materials has expanded, while South American purchases of Chinese-made goods have climbed.
China´s trade with the region reached $183.6 billion in 2010, compared with $121.9 billion in 2009, the latest official figures show.
Chinese investment in Latin America reached $10.5 billion in 2010, up from $7.3 billion in 2009.
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