Petrobras and CNPCI sign Heads of Agreement to promote investments in Comperj Refinery and Marlim Cluster

Rio de Janeiro, July 4, 2018 – Petrobras and China National Petroleum Corporation International (CNPCI), a wholly-owned subsidiary of CNPC, inform that today they signed a Heads of Agreement (“HoA”), advancing in the negotiations on a Strategic Partnership, as disclosed to the market on July 4, 2017.

The HoA defines the assets that are part of the scope of the partnership, within the concept of an integrated project, which includes the completion of Comperj’s Refinery and a participation in Marlim Cluster.

The implementation of the Strategic Partnership depends on the successful negotiations of the final agreements.

Petrobras and CNPC:
Since 2013, Petrobras and CNPC are partners in the Libra area, which was the first contract under the production sharing agreement regime and is located in the Santos Basin pre-salt layer. In 2017, the consortium formed by Petrobras (operator, with 40% stake), CNPC (with 20%) and BP (with 40%) was the winner for the Peroba Block, one of the most contested in the auction.

The strategic partnership between the companies will strengthen their ties and, furthermore, contribute to deepen the Global Strategic Partnership between Brazil and China, both members of the BRICS group.

The partnership agreement is also part of Petrobras’ broader program for the revitalization of its Eastern refining and logistics park.

About Petrobras:
Petrobras is an integrated energy company focused on oil and gas, recognized as a leader in deep and ultra-deep water exploration and production, operating mainly in Brazil. Currently, Petrobras produces around 2.7 million barrels of oil equivalent per day and operates a crude distillation capacity of about 2.3 million barrels per day. The values of the company are based on respect for life, for people and for the environment; ethics and transparency; market driven; resilience and confidence; and results.

About CNPC:
China National Petroleum Corporation (CNPC) is an integrated international energy company, with businesses covering petroleum exploration, production and development, refining and chemicals, pipelining, marketing, international trade, oilfield services, engineering and construction, petroleum equipment manufacturing and financial services. Currently, CNPC produces approximately 3.3 million of equivalent oil per day and operates a processing capacity of over 3 million barrels per day. CNPC develops 91 oil and gas projects in 35 countries and is present in over 70 countries, while seeking an even greater international role.


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