2 July 2008
Latin America News Digest
Brazilian federal oil and gas major Petroleo Brasileiro (Petrobras) and China Petroleum and Chemical Corp. (Sinopec), a Chinese national oil company, signed a memorandum of understanding (MoU) on July 1, 2008, aimed at a mutual commitment to increase the business links between the two companies.
Petrobras already has an oil export agreement with the Chinese company. So far in 2008, Sinopec has purchased some 12 million barrels of oil from its Brazilian peer.
The MoU was signed by Petrobras’ Services director, Renato de Souza Duque, and Sinopec’s senior vice president, Cai Xiyou, in Brazil’s capital Brasilia. No further details on the MoU were provided.
Sinopec is controlled by China National Offshore Oil Corp. (CNOOC).