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Petrobras Signs a MOU with Chinese Companies

Source: www.gulfoilandgas.com 4/15/2011, Location: South America

Petrobras announces that it signed a Memorandum of Understanding (MOU) with the Chinese company Sinochem Corporation and a General Technological Cooperation Agreement (GTCA) with Sinopec.

The MOU signed with Sinochem includes a strategic cooperation between the parties in oil and gas exploration and production in Brazil and abroad; technological cooperation for the development of projects aimed at increasing oil recovery; export of oil and other products.

The objective of the GTCA signed with Sinopec is the exchange of experiences and knowledge in technological areas with a focus on Geophysics, Geology, Reservoir Engineering and Assessment aimed at increasing oil recovery of the reservoirs of both Companies.

The agreements are designed to enhance cooperation between the activities of the companies, both in Brazil and abroad, in areas of common interest and are aimed at developing a strategic cooperation in activities of the oil and gas industry.

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