Brazil Petrobras, Sinopec considering joint projects - CEO

21 May 2009 22:07  [Source: ICIS news]

NEW YORK (ICIS news)--Brazil’s energy and chemicals major Petrobras and China Petroleum and Chemical Corp (Sinopec) are discussing potential joint petrochemical and refinery projects, the CEO of Petrobras said on Thursday.

“Our memorandum of understanding [MoU] with Sinopec opens up several opportunities in refining, petrochemicals, upstream and technical areas,” said CEO Jose Sergio Gabrielli de Azevedo in a press conference at the New York Stock Exchange.

“Right now we are in the beginning stages of discussions. There is nothing concrete yet,” he added.

Azevedo did not provide details on where the joint projects might take place.

The companies announced the signing of a MoU to jointly explore, refine, distribute and sell oil on 19 May.

Petrobras will also receive a $10bn (€7.20bn), 10-year credit line with China Development Bank, while supplying 150,000 bbl/day of oil to a Sinopec subsidiary in 2009, rising to 200,000 bbl/day from 2010 onwards.

The government of China also announced it planned to launch eight major projects for the production of ethylene and six refining projects, which should come on stream by 2011.

($1 = €0.72)

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