Brazilian state-held oil firm Petrobras is re-evaluating a preliminary deal with China National Petroleum Corporation (CNPC) to build an oil refinery in the state of Rio de Janeiro, Brazilian economic newspaper Valor Economico reported on Thursday, citing a source from Petrobras’ management.
Petrobras signed in October an agreement with CNPC’s subsidiary China National Oil and Gas Exploration and Development Company (CNODC) to carry out a feasibility study to assess the investment case for the COMPERJ refinery in Brazil. Once the study is completed, the companies plan to create a joint venture to complete the construction and operate the refinery. Petrobras will have an 80 percent stake in the joint venture, and CNPC will own the remaining 20 percent.
However, according to Valor Economico’s source, the oil refinery partnership—which was struck during the previous top management of Petrobras—clashes with the ideas of new chief executive Roberto Castello Branco, who is pushing for divestments at Petrobras, including in the oil refinery business.

More at: https://oilprice.com/Latest-Energy-N...inas-CNPC.html

It's now the RICS