Petrobras, CNPC ink terms on refining, upstream JV

Petrobras, CNPC ink terms on refining, upstream JV

Corporate & Sovereign Strategy Project & Infrastructure Finance China Brazil

China National Petroleum Company (CNPC) will hold a 20% stake in a new company with Petrobras for the completion of the Comperj refinery in Rio de Janeiro, Brazil. The joint venture (JV) partners also agreed to hold a 80:20 stake in the Marlin, Voador, Larlim Sul and Marlim Leste offshore concessions. Financial terms of the agreement were not disclosed. Petrobras, which has already invested $13bn in Comperj, began talks with CNPC for a partnership in the refinery in July. The pair began thei

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