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Petrobras & CNPCI Sign Agreement to Promote Investments in Refinery

Source: www.gulfoilandgas.com 7/4/2018, Location: South America

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Petrobras and China National Petroleum Corporation International (CNPCI), a wholly-owned subsidiary of CNPC, inform that they signed a Heads of Agreement (HoA), advancing in the negotiations on a Strategic Partnership, as disclosed to the market on July 4, 2017.

The HoA defines the assets that are part of the scope of the partnership, within the concept of an integrated project, which includes the completion of Comperj's Refinery and a participation in Marlim Cluster.

The implementation of the Strategic Partnership depends on the successful negotiations of the final agreements.

Petrobras and CNPC:
Since 2013, Petrobras and CNPC are partners in the Libra area, which was the first contract under the production sharing agreement regime and is located in the Santos Basin pre-salt layer. In 2017, the consortium formed by Petrobras (operator, with 40% stake), CNPC (with 20%) and BP (with 40%) was the winner for the Peroba Block, one of the most contested in the auction.

The strategic partnership between the companies will strengthen their ties and, furthermore, contribute to deepen the Global Strategic Partnership between Brazil and China, both members of the BRICS group.

The partnership agreement is also part of Petrobras’ broader program for the revitalization of its Eastern refining and logistics park.

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