Marine Technology Reporter Blogs - sinochem

It took a while to happen, but Petrobras and Chinese oil and petrochemical companies finally reached partnership agreements. Considering the scope of the Brazilian pre-salt and the expected growth of the Brazilian O&G market, these partnerships may become vital, as much more investments will be needed along the next 10 years. These partnerships in research and O&G exploration and production have been in negotiations for a long time but it took an official Brazilian delegation, headed by Brazilian President Dilma Rouseff, going to China, in order make it happen. It was a certainty in the market that this partnership would eventually come to be, it was just a matter of when it would happen and what it would encompass.

Chinese companies such as Sinopec, Sinochem, CNOOC, CSSC are actively pursuing partnerships worldwide, in Brazil this effort is particularly noticeable through recent partnerships with O&G players such as Petrobras, Statoil and Repsol.In the shipbuilding business news of some form of partnership between CSSC and local builders is expected for the near future as the local shipbuilding capabilities expand. In the O&G industry, Sinopec just recently announced its partnership agreement with Spanish operator Repsol. The agreement represented a capital increase of around 7 billion for Repsol Brasil, increasing Repsol Brasil´s total capital to around 17.8 billion. With this agreement 60% of Repsol Brasil still belongs to Repsol, while 40% now belongs to Sinopec.