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Petrobras Signed Strategic Agreement with SINOPEC

Source: www.gulfoilandgas.com 4/16/2010, Location: Asia

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Petroleo Brasileiro S.A. – Petrobras announces that it signed a Strategic Cooperation Agreement with China Petrochemical Cooperation (SINOPEC) and China Development Bank Corporation (CDB) aimed at assessing mutually beneficial opportunities on the areas of cooperation. The Agreement is a development of the Memorandum of Understanding (MOU) signed between Petrobras and SINOPEC on May 19th, 2009.

The Agreement includes the cooperation between Petrobras and Sinopec in the following areas: Exploration & Production (E&P); Downstream; Petrochemical and fertilizers; and Services and Procurement.

In the E&P area there stands out the intention of the parties to assess future partnerships, including the possibility of selling part of Petrobras’s interest in blocks BM-PAMA-3 and BM-PAMA-8, located in the Para-Maranhao Basin.

In Downstream and Petrochemical, the parties intent to assess opportunities for partnership in the Petrochemical Complex of Rio de Janeiro – Comperj, besides the possibility of new oil supply contracts to SINOPEC.

In addition, the Agreement includes the cooperation with CDB in relation to the possibility of bilateral financing under the scope of the Cooperation Agreement, to be negotiated between the parties by Petrobras demand.

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