Repsol (REP) will sell 40% of its Brazilian unit to China's Sinopec (NYSE:SNP) for $7.1B. The...

Repsol (REP) will sell 40% of its Brazilian unit to China's Sinopec (NYSE:SNP) for $7.1B. The joint-venture, valued at $17.8B overall, guarantees Repsol key funding to develop all of its current projects in Brazil, and to continue to explore its vast and coveted offshore stake in the country. It also underscores China's growing presence in the international energy scene. REP +6.5% premarket.