Brazil Signs US$600-Million Oil Contract with China

Brazil’s government owned Petrobras announced Monday, July 18, the signing of a contract for the export to China of 12,000 barrels per day (bpd) of crude oil adding that it expects sales of petroleum products to reach US$ 1 billion annually in five years.

The deal valued at US$ 600 million was sealed with China’s government managed Sinochem International Oil Company, Petrobras said in a statement.


The Chinese firm will be supplied from offshore fields in Brazil’s Campos Basin, where Petrobras largest deposits are located.


“This is the first petroleum export contract to China,” said the official release highlighting that so far Chinese importers have made only spot market purchases from Petrobras.


Monday’s announcement did not specify when shipments would begin under the contract.


So far this year, Petrobras has sold US$ 190 million of oil and liquefied petroleum gas to China, which has jumped in less than two decades from self-sufficiency in petroleum to one of the world’s largest importers of crude.


Petrobras said it expects by 2010 to be selling US$ 1 billion of oil and petroleum derivatives to China.


This article appeared originally in Mercopress – www.mercopress.com.

Tags:

You May Also Like

Santa Catarina, Brazil, Sells Mercosur US$ 207 Million But Buys US$ 307 Million

Exports from the southern Brazilian state of Santa Catarina to the Mercosur, a customs ...

Money Changer Says Brazil’s Ruling PT Had International Money Laundering Scheme

Brazilian money changer, Antônio Oliveira Claramunt, aka Toninho da Barcelona (Little Tony from Barcelona, ...

Look Who’s Flying to NY: Brazilian TAM

TAM Airlines, the leading domestic and second largest international carrier in Brazil, has started ...

Brazil Invented AIDS Emergency to Steal Patent, Says US Group

The American Conservative Union, which calls itself the U.S.’s oldest and largest grassroots conservative ...

Waiting, Waiting for a Doctor in Rio

The Brazilian Institute for Social Welfare is relatively serious about  what it proposes to ...

Culture Spots: a Brazil Plan to Spread the Brazilian Way

The creation of Culture Spots (Pontos de Cultura) abroad is intended to help Brazilians ...

Brazil’s Petrobras Workers Go on Strike and World’s Oil Prices Zoom Up

As if oil prices weren't high enough with Middle East tensions, market speculation and ...

Brazilian Literary Masterpiece, The Brothers, Becomes Play

Dois Irmãos (The Brothers), a book by Brazilian author Milton Hatoum, is going to ...

Top Lula Adviser Accused by Brazilian Congressman of Taking Bribe

Latin American shares were mixed on the session, as U.S. stocks firmed somewhat. Brazilian ...

Brazil’s Drop in Demand Causes 25% Fall in Bolivian Gas Production

Brazil has reduced its demand for Bolivian natural gas to 24 million cubic meters ...