Private Brazilian refinery signs agreement with Chinese group Sinopec

8 October 2012

Brazilian oil refinery, Refinaria de Petróleos de Manguinhos said Friday it had signed an agreement with Chinese-owned Sinopec Petroleum do Brasil to assess the level of interest in setting up a partnership for a fuel storage project.

In a statement, the company, which is the only Brazilian refinery controlled by a private group, the Andrade Magro group, said that the fuel storage project would require investment of 1.4 billion reals (US$687 million), although no details were given about the stake Sinopec Petroleum do Brasil would have in the project.

“This project includes expansion of the storage tank terminal at the refinery, a new oil treatment station and installing new mooring buoys in Guanabara bay, linked to the new storage park by new and wider pipelines,” the company said.

Two years ago Sinopec acquired a 40 percent stake in the Brazilian subsidiary of Spanish oil group Repsol, in a deal that cost the Chinese state-owned group US$7 billion. (macauhub)