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Petrobras-CNPC talks put China closer to first Americas refinery

Petrobras-CNPC talks put China closer to first Americas refinery

SAO ULO Reuters – Brazil’s state-run oil business Petroleo Brasileiro SA and China national Petroleum Corp CNPC took another step on Wednesday in negotiations that may provide the chinese language their first refining potential in the Americas.

FILE Brazil’s state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, September 14 2017. REUTERSSergio MoraesFile picture

The groups introduced in a Brazilian securities daftar poker submitting that that they had signed a letter of intent advancing talks for a partnership to conclude the Comperj refinery near Rio de Janeiro and a “participation” of CNPC within the offshore Marlim oil container.

The joint announcement confirms an April file with the aid of Reuters that spoke of the groups have been understanding a deal involving a CNPC investment at Comperj in trade for a stake within the offshore Campos Basin and rights to make use of the refinery.

The talks spotlight rising chinese language pastime within the Brazilian power sector, which has attracted billions of dollars from oil majors over the last 12 months for rights to new exploration blocks because the government lessens obstacles to foreigners.

The companies did not offer additional details and said the implementation of the partnership will depend on the success of remaining negotiations.

“This strategic partnership will reinforce ties between the businesses and may make a contribution to deepen the international strategic partnership between Brazil and China,” the filing observed.

In November, Pedro Parente, then chief govt of the Brazilian oil company referred to as Petrobras, touted a 196 meter oil column found within the Marlim container, which he described as the ideal in the Campos basin.

Petrobras and CNPC have already partnered within the significant Libra oil box off the Brazilian coast because 2013.

ultimate 12 months, they additionally partnered to lift exploration rights for the Peroba field, an extra promising deposit in the area generic as the pre-salt, the place billions of barrels of oil are trapped beneath a thick layer of salt below the ocean ground.

Petrobras has already invested some $13 billion within the Comperj advanced, which needs about $3 billion in additional investment to reach an initial capacity of one hundred sixty five.”000 barrels per day, individuals general with the count told Reuters in April.

Reporting with the aid of Gram Slattery and Marcelo Teixeira; further reporting with the aid of Rodrigo Viga Gaier; editing via Brad Haynes, Chizu Nomiyama and Frances Kerry

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