ERHC Energy Inc (ERHE)

[mugwump]

snp teams up with petrobas
s last week came to a close, Brazil's state oil company, Petrobras (NYSE: PBR), signed an agreement with China Petroleum & Chemical Corp. (NYSE: SNP), aka Sinopec, in which the latter will receive access to two blocks in the Para-Maranhao Basin off the northern part of Brazil. There may also be cooperation between the companies in Rio de Janeiro's Comperj Petrochemical complex. Beyond that, the countries will cooperate on the development of iron, copper, and coal resources, among others.

The deal was signed amid a Brazilian summit of the leaders of the BRIC nations (Brazil, Russia, India, and China). It fell hard on the heels of an agreement by Sinopec to buy ConocoPhillips' (NYSE: COP) 9% interest in Syncrude Canada's oil sands project for $4.65 billion. Last May, China completed a $10 billion oil-for-credit agreement with Brazil.