China Bails Out Petrobras's $14 Billion Refinery Misadventure
- CNPC expands partnership to include graft-hit Comperj project
- Petrobras and CNPC are already partners at offshore fields
Petrobras's Comperj oil refinery Itaborai, Brazil.
Photographer: Dado GaldieriThis article is for subscribers only.
China National Petroleum Corp plans to help complete a refinery in Rio de Janeiro that already cost Brazil’s state-controlled oil company Petrobras $14 billion before it was halted amid a widespread graft investigation.
CNPC, as the Chinese producer is known, signed a letter of intent adding the Comperj refinery to a partnership the two companies signed last year. The agreement also includes evaluating investments in some of Brazil’s largest legacy fields at the offshore Marlim cluster.