Petrobras signed two memoranda of understanding and a sales agreement for 60,000 to 100,000 barrels of oil per day to Unipec Asia Co. Ltd., a subsidiary of China Petrochemical Corporation – Sinopec.

The purpose of the memoranda of understanding is to drive economic development and trade between the two nations. They also foresee strategic cooperation which, under the coordination of the respective governments, will seek to identify business opportunities based on mutual benefits, within the following scope:

With China Development Bank Corporation – CDB and China Petrochemical Corporation – Sinopec:

granting of funding to Petrobras, with the option of China purchasing oil from Petrobras at volumes yet to be defined; increase Petrobras’ oil exports to China; partnerships between Petrobras and Chinese companies to develop projects in the several oil industry segments; service-rendering and material and equipment provision possibilities for Petrobras; - approximation among Chinese and Brazilian companies seeking partnerships.

With PetroChina – CNPC:drive oil exports with the potential of 40,000 to 60,000 barrels of oil per day from Petrobras to China.

The signatory institutions will give continuity to the negotiations to sign the agreements that will result from the implementation of the guidelines for the memoranda.

Tags: Petrobras, Sinopec