Petrobras Enters Two Important Agreements with Sinopec and Sinochem (China)

Petrobras CEO, José Sergio Gabrielli de Azevedo and Exploration & Production Director, Guilherme Estrella signed two important agreements in Beijing this Friday (15th) with Chinese firms Sinopec (China Petrochemical Corporation) and Sinochem (Sinochem Corporation).

The agreements were part of the schedule for the state visit to China by Brazilian President, Dilma Rousseff.

Petrobras signed a Technology Cooperation Agreement with Sinopec to encourage exchanges of know-how in the fields of geophysics, geology and oil engineering.

A Strategic Cooperation Memorandum of Understanding was signed with Sinochem, aimed at identifying and enabling business opportunities in the fields of exploration and production, oil commercialization and mature oil field recovery.

Prior to the signature ceremony, held at Sinopec’s headquarters, Mr. Gabrielli and his party were received by the Sincopec CEO, Fu Chengyu, and his executive officers for a business meeting that lasted around an hour. Fu Chengyu signed the document on behalf of Sinopec.

Both Petrobras and Sinopec showed willingness to seek wide-ranging business opportunities to broaden existing trade relations between the two companies. Mr. Gabrielli stressed the importance of encouraging Chinese businesses to set up in Brazil and Sinopec’s CEO talked about his company’s interest in establishing oil exploration and production partnerships.

The meeting was also attended by other Petrobras senior management executives, including Guilherme Estrella (Director of Exploration and Production), Almir Barbassa (Director of Finance and Investor Relations), Christovam Sanches (Executive Manager of Exploration and Production) and International Business Development Managers, Demarco Epifanio and Luiz Octavio Costa.

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Source: Petrobras,  April 17, 2011;