HONG KONG - China Petrochemical Corp and Repsol YPF SA, Spain's largest oil company, are in talks to pursue joint ventures around the world after the Chinese refiner invested $7.1 billion in a Repsol unit in Latin America last year.

The companies agreed to set up working groups to examine new business opportunities following the acquisition of a 40 percent stake in Repsol's Brazilian unit by Sinopec Group, as China Petrochemical is known, the Madrid-based oil producer said in a statement on Tuesday.

"There are significant synergies between Repsol and Sinopec, and the relationship between both companies is ideal to continue reinforcing our alliance worldwide in new business areas," Repsol Chairman Antonio Brufau said in the statement, without elaborating.