Lastly, oil and gas company Petrobras said it signed a technological cooperation agreement with SinoChem and Sinopec.

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Thus, the Chinese state-owned firm Sinochem has hired HSBC for advice on how to proceed with a bid for POT.

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The four men were working for the British oil company Emerald Energy, a subsidiary of China's Sinochem, when they were snatched in March 2011.

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Under the agreement, Sinochem will acquire approximately 82, 800 net acres of leasehold held by Pioneer for all Wolfcamp depths and deeper horizons, PXD said in a statement.

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The latest buzz is that a Chinese consortium may step up with a higher bid, with the name of chemical giant Sinochem Group being mentioned as taking the lead on such a deal.

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Earlier this month, in fact, China state owned oil company Sinochem bought a 40% stake in natural gas and oil fields once fully owned by Pioneer Natural Resources (PXD) of Texas.

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