Sinochem Group said at the weekend it will pay US$3.07 billion for 40 percent of an oil field offshore Brazil.

Norway-based Statoil ASA will own 60 percent of the Peregrino field, 85 kilometers offshore Brazil in the Campos basin. The project is set to start production in early 2011.

The deal is Sinochem's largest overseas takeover so far, China's fourth-largest oil company and the biggest chemicals trader said in a statement on its Website.

"The project will significantly expand the company's oil exploration business and consolidate the company's position as a global leader in the petrochemical industry," said Han Gensheng, president of Sinochem Corp.

The transaction awaits government approval in China and Brazil.