Brazil: China’s CNOOC wants oil and ethanol joint venture with Petrobras in 2009

22 October 2008

Rio de Janeiro, Brazil, 22 Oct – The chairman of the China National Offshore Oil Corp (CNOOC), Fu Chengyu, said in Rio de Janeiro that his company wanted a joint venture with Brazil’s Petrobras in 2009 in the oil and ethanol production sectors in Brazil.

“Within a short time you will see a joint evnture between CNOOC and Petrobras. We are determined to make a big investment in Brazil and we want to talk about that in detail with the Brazilian goevrnment,” said Fu, cited by Monitor Mercantil.

According to the chairman of CNOOC, the Chinese state company has teh technology and capacity to “provide what Brazil needs.”

The chairman of CNOOC also guranteed that the deal would open up the way for Petrobras to explore the Chinese coast.

“We want cooperation that works for both companies,” he said.

Fu also said that the Chinese company already produced 2.4 million tonnes of ethanol per year, but that its aim was to double that amount in teh next four years.

CNOOC produced 72.9 million barrels of oil and 112.5 billion cubic feet of natural gas in the first six months of this year and its oil production was 7.1 percent higher than in 2007. (macauhub)