China Will Be Moving on Brazilian Oil

Petrobras (Brazilian Petroleum S.A.) announced the signing of a contract to supply 12 million barrels of heavy crude  to China.

The oil will be extracted from the Marlin field in the Campos Basin, in the state of Rio de Janeiro, and shipped to the Sinochem International Oil Company, a Chinese government enterprise.


According to the Brazilian State firm, this represents the first contract to export petroleum to China. The estimated value of the deal is US$ 600 million.


The date for the first shipment has not been set yet, but six shipments are expected to be made, on tankers each able to transport up to 2 million barrels.


Through June, through its Beijing office, Petrobras had sold a total of US$ 190 million in petroleum and liquified petroleum gas (LPG) to the Chinese market.


In five years the company plans to export around US$ 1 billion annually, including fuel alcohol sales, to China.


ABr

Tags:

You May Also Like

Brazil’s Lula Backs Up His Finance Minister After Bribery Charges

The Finance Minister of Brazil, Antonio Palocci, denied yesterday in a nationally televised news ...

Earth’s Most Threatened Tribe as Seen by Sebastião Salgado in Vanity Fair

World-famous Brazilian photographer Sebastião Salgado and Vanity Fair magazine have joined forces to publicize ...

Lessons in Revelry

‘Carnaval’, smiled my friend as he dropped me at my door, ‘don’t you just ...

The Robbery

This is not just to please. You are a victim of the system. I ...

Brazil and Latin America Gather in Spain for Summit

Brazilian President Luiz Inácio Lula da Silva arrived today in the Portuguese city of ...

Brazil Industry Applauds Lower Interest Rates, Now They Want Other Changes

Last week, the Brazilian Central Bank’s Copom (Monetary Policy Committee) cut the Brazil’s benchmark ...

A Full Week of Brazilian Fun for New Yorkers to Enjoy

New Yorkers are being encouraged by the Brazilian Tourist Board (EMBRATUR) to experience a ...

Waging Peace – The View from Brazil

Just as the "ordinary citizen" of Iraq cannot be generalized as a clone of ...

Whale Strayed in Brazil’s Amazon Dies Before It Can Be Rescued

A Minke whale that had strayed deep into the Amazon rainforest has been found ...

There’s a Cure for Brazil’s Slums. It’s Called Napalm

The Lefts are amusing. They’ve always stood up for banditism, claiming that criminality is ...