Sinopec’s Brazil Subsidiary Concludes Reorganization

Sinopec Oilfield Service (HK:1033) has released an update.

Sinopec Oilfield Service Corporation’s Brazil Subsidiary has successfully concluded its judicial reorganization process, as determined by the final ruling from the Court of Rio, allowing for the resumption of normal operations. The subsidiary has settled most of its labor and supplier lawsuits, incurring a total payment of around USD37.79 million for the reorganization plan. The company has adjusted its financial liabilities accordingly and advises investors to be cognizant of investment risks.

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