October 16, 2018 / 11:29 AM / a month ago

Brazil's Petrobras, China's CNPC sign accord advancing JV

SAO PAULO, Oct 16 (Reuters) - Brazilian state-run oil firm Petroleo Brasileiro SA and a subsidiary of China National Petroleum Corp (CNPC) have signed an agreement to study the economic viability of completing construction of the Comperj refinery in Rio de Janeiro.

Petrobras, as the firm is commonly known, said once the studies are completed, the two parties aim to form a joint venture to complete the refinery. Petrobras would hold an 80 percent stake and the CNPC subsidiary, China National Oil and Gas Exploration and Development Co, would take a 20 percent stake.

Reporting by Gram Slattery; Editing by Susan Fenton

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