Partnership with China National Petroleum Corporation – CNPC

June 12, 2019

Petrobras is expected to complete the study in September to enable the joint venture (JV) with CNPC, which will be responsible for completing Comperj in Itaboraí (RJ). The information is from the president of the company, Roberto Castello Branco.

The JV’s formation is foreseen in an agreement signed by the oil companies in October 2018. The plan is for the new company to be the operator of the refinery, with 80% Petrobras and 20% CNPC. In addition, a second joint venture will be created in the E & P segment, with the same participation of the Chinese oil company in the Marlim cluster (Marlim, Voador, Marlim Sul and Marlim Leste concessions) in the Campos Basin.

Castello Branco confirmed plans to build a new thermoelectric plant fueled by natural gas, defended the sale of assets as a way to balance the company’s financial health and emphasized the need for the oil company to capitalize to invest in E & P activities.

“We have world-class assets, large reserves with low production costs. We can not let it stay deep in the ocean. We need to invest and generate wealth for society, “he said.

The executive cited mature fields and midstream as areas out of focus by Petrobras and justified the sale of part of its refining assets, claiming that such projects generate low returns compared to E & P. He added that although Petrobras needs the gas and fuel transportation service, the company does not have to own it.

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