Foreign Correspondence

[Amaunet]

Brazil Signs China Oil Deal

2005-7-19 13:33:44 CRIENGLISH.com

The Brazilian oil company, Petrobras, has announced it has sold 12 million barrels of oil to China's state-owned oil firm SIOC for 600 million US dollars.

The Brazilian government-run oil company, Petrobras, has announced it has sold 12 million barrels of oil to China's state-owned oil firm Sinochem International Oil Company for 600 million US dollars.

The oil will be transported to China in six batches.

In five years, Petrobras says the Chinese market could be worth one billion US dollars annually.

Petrobras is among the world's 15 biggest oil companies, pumping over two million barrels of oil a day.

Although Brazil is currently a net importer of crude oil, it has a surplus of heavy crude from the Campos Basin, because of a lack of refining capacity for heavy crude oil.

Petrobras believes the country can become self-sufficient by 2006.

(Photo source: gvac.se; carsale.uol.com.br)



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