Petrobras partners with China to operate Comperj refinery

Brazilian oil firm, Petrobras, has signed an Integrated Project Business Model Agreement (IPBMA) with China National Oil and Gas Exploration and Development Company (CNODC), a subsidiary of CNPC.

Read: CNOOC enters gas exploration deal with nine other firms

According to the firms, the agreement aims at advancing towards strategic partnership. The Business Model Agreement reveals plans to evaluate the economic viability of the Comperj refinery in Rio de Janeiro.

A joint team of CNPC and Petrobras specialists and external consultants will conduct the studies. Once the sustainability is quantified, Petrobras will hold an 80% stake and CNPC a 20% stake in the operation of the refinery.

CNPC will partake in the Marlim cluster, which is composed by Marlim, Voador, Marlim Sul and Marlim Leste fields. Petrobras will keep the operatorship of all these fields.

The partnership is part of Petrobras’ program to revitalization its Eastern refining and logistics park.