Petrobras signs letter of intent with Sinopec
The Brazilian state-owned oil and gas company Petrobras and Chinese Sinopec (China Petroleum & Chemical) have
signed a letter of intent concerning the project Gasene, gas pipeline of 1,225 km that will link Cabiunas (Rio de
Janeiro state) to Catu (Bahia state).
Total investments reach $ 1.3 bn resources. The Chinese bank China ExImBank and the Brazilian development bank BNDES
(Banco Nacional de Desenvolvimento Economico e Social) may fund the construction.
Meanwhile Petrobras and Sinopec, which have signed a deal to exploit oil in deep waters abroad, will negotiate the
creation of a joint venture to manage the construction of Gasene. According to the Minister of Energy and Mines, Mrs
Dilma Rousseff, construction works may start in July 2005 in order to start operations by January 2007.
The Brazilian electric power company Eletrobras and the Chinese funding institution Citic (China International Trust
& Investment) have also signed a letter of intent concerning 17 projects.
