Statoil enters deal with Chinese oil major

According to several Norwegian media, Statoil has signed a deal with the world's second-largest oil and gas company measured in revenue.

Photo: Harald Pettersen/Statoil

Statoil has signed a deal with the world's second-largest oil and gas company, China's Sinopec, reports Norwegian media Aftenposten.

The deal materialized during a private ceremony in Beijing where a Memorandum of Understanding (MoU) was signed. This is the formal equivalent of a gentleman's agreement.

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