Petrobras to complete construction of Comperj in partnership with Chinese


Involved in Lava-Jato, unit work in Itaboraí has ​​been stopped since 2014




RIO – Petrobras will conclude the construction of the Rio de Janeiro Petrochemical Complex (Comperj) in Itaboraí, in the state of Rio, in partnership with the Chinese giant CNPC, revealed executive close to the negotiations. The partnership between Petrobras and CNPC was announced Tuesday morning, but the statement only states that a memorandum of understanding was signed to begin negotiations for a strategic partnership.

Comperj was one of the projects involved in the corruption case revealed by Operation Lava-Jet and has had its works stopped since 2014. It has already been spent U$ 13 billion on the project and nothing has been built so far. According to a source, the construction of the refinery at Comperj is expected to require additional investments of between U$ 3.5 billion and 4 billion.

The construction of the Comperj refinery is not part of the 2017/21 Petrobras Business Plan, for which the state company was looking for a partner. The only Comperj project considered is the construction of the Natural Gas Processing Unit, designed to receive and process the natural gas that will be produced in the pre-salt, which will be made with Petrobras’s own investments of the order of $ 2.5 billion to $ 3 billion.

The memorandum of understanding for the partnership between the two companies was signed on Tuesday by Petrobras president Pedro Parente and CNPC’s vice president and president of PetroChina, Wang Dongjin, in Beijing, the capital of China.

According to a source close to the state company, CNPC expressed greater interest in partnering with Petrobras in the area of ​​oil exploration and production, and agreed to collaborate with Comperj’s conclusion with a minority stake. This is Petrobras’ first step towards refining partnerships. The partnership with CNPC had been negotiated for about six months by Petrobras.

In the statement to the market, Petrobras explains that the Memorandum of Understanding aims to start negotiations regarding a strategic partnership: “Based on this Memorandum of Understanding, the companies undertake to jointly evaluate opportunities in Brazil and abroad in key areas of mutual interest, benefiting from their capabilities and experience in all segments of the oil and gas chain, Including potential structuring of funding. ”

Petrobras says that this partnership “is an important strategy of the 2017-2021 Business and Management Plan. The strategic partnerships have the potential benefits of sharing risks, increasing the capacity of investments in the oil and gas chain, technological exchange and strengthening of corporate governance. ”

Since 2013, Petrobras and CNPC have been partners in the Libra field, the first contract for the production under the sharing regime, located in the Santos Basin pre-salt.

CNPC is China’s largest integrated oil and gas (O & G) corporation, with activities in the upstream, midstream, downstream, marketing and marketing, petroleum services, engineering, construction and equipment manufacturing sectors. CNPC has a presence in more than 70 countries.

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