Chinese oil giant China National Petroleum Corp (CNPC) and Brazil's state-owned oil company Petrobras are closer to forming a strategic partnership to finish a major refinery project.
The companies announced Wednesday in a Brazilian securities filing that they had signed a letter of intent to advance talks for a partnership to complete the Comperj refinery near Rio de Janeiro and CNPC's possible participation in the offshore Marlim oil field.
The Comperj refinery could become CNPC's first refining capacity in the Americas.
The Chinese oil giant's expected investment will give Petrobras additional funding to revive the multi-billion dollar project that was halted amid wide-spread corruption investigations in Brazil.
Sources:xinhua
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