China National Petroleum Corp. negotiates investment in Brazil

20 April 2018

The China National Petroleum Corp. (CNPC) group is negotiating with Brazil’s Petrobras a US$3 billion investment in the construction of a refinery in Campos, off the coast of Rio de Janeiro, in exchange for holdings in oil blocks, financial news agency Reuters reported.

The agency also wrote that, under the agreement to be reached with Petroleo Brasileiro (Petrobras), the Chinese group would receive, in addition to its oil block interests, the right to use the refinery, with an initial capacity to process 165,000 barrels per day.

On Thursday, Petrobras announced that it intends to sell 60% stakes in four of its refineries, a decision that will make the group to lose its monopoly on oil refining in Brazil.

The Petrobras group last March signed a 1.95 billion-real contract with Shandong Kerui Petroleum Equipment Co. for the construction of a natural gas processing unit in the Comperj complex.

Shandong Kerui Petroleum Equipment Co., a private Chinese company, has partnered with the Brazilian company Método Potencial Engenharia to build the processing plant in Itaboraí, about 50 kilometres east of Rio de Janeiro. (macauhub)