Sinopec to Join Petrobras at Offshore Blocks, Gabrielli Says
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China Petroleum & Chemical Corp. will team up with Petroleo Brasileiro SA to develop offshore areas of the Para-Maranhao basin in northern Brazil after negotiating for a year, Brazil’s state-run producer said.
Petrobras Chief Executive Officer Jose Sergio Gabrielli, speaking to reporters in Beijing today, declined to give the financial terms of the transaction. Last year, Petrobras announced a preliminary agreement to sell stakes in two blocks, BM-PAMA-3 and BM-PAMA-4, to Sinopec.