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04

China Bails Out Petrobras’s $14 Billion Refinery Misadventure

By Tony Seruga

CNPC expands partnership to include graft-hit Comperj project
Petrobras and CNPC are already partners at offshore fields

China National Petroleum Corp plans to help complete a refinery in Rio de Janeiro that already cost Brazil’s state-controlled oil company Petrobras $14 billion before it was halted amid a widespread graft investigation.

CNPC, as the Chinese producer is known, signed a letter of intent adding the Comperj refinery to a partnership the two companies signed last year. The agreement also includes evaluating investments in some of Brazil’s largest legacy fields at the offshore Marlim cluster…

China Bails Out Petrobras’s $14 Billion Refinery Misadventure

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