Esso in oil R & D partnership with Petrobras

Oct 20, 1997 02:00 AM

August 28, 1997 Esso has been negotiating an oil research and development contract with Petrobras on a joint venture basis. Esso aims to raise its share of the fuel distribution market and is also interested in natural gas refining, oil pipelines and ports. Esso presently holds a 14 % share of the Brazilian fuel distribution market, after Shell, Ipiranga and BR (market leader). Esso plans to make investments of R$ 700 mm between 1996 and 2000. The Brazilian oil industry needs annual investments of R$ 6 billion and nearly R$ 3 billion of it will be made by Petrobras.

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