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Petrobras & SINOPEC Sign LOI for Premium 1 Refinery

Source: www.gulfoilandgas.com 6/19/2013, Location: South America

Petrobras announces that it has executed, on June 11, 2013, a Letter of Intent with CHINA PETROCHEMICAL CORPORATION SINOPEC (SINOPEC), for the development of joint study for the Premium 1 Refinery Project, in the state of Maranhao.

The Letter of Intent is based on the interest of the SINOPEC, jointly with PETROBRAS, studying the feasibility of establishing a joint venture between the companies for the implementation of Premium Refinery 1.

Such Letter of Intent is not binding and does not create any obligation between the parties to enter into future trade or operational agreements after the outcome of the feasibility studies.

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