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Thursday, March 04, 2004

China Goes South

China's state-owned Sincopec countinues to surprise in its desperate search for oil. The latest report is that Brazil's state-owned Petrobras will sign a wide-ranging cooperation deal with Sinopec. The agreement is expected to be signed when Brazilian President Luiz Inacio Lula da Silva visits China in May, Petrobras said in a statement on its website.

Petrobras said the two companies aim to study business opportunities and jointly develop oil and gas exploration and production, sales, refining and petrochemicals.

"Petrobras and Sinopec recognize that an association between the two companies will further progress the viability of various projects of common interest... which can be beneficial to both countries and shareholders," the company said.

Officials from Sinopec's group company or its NYSE listed arm, China Petroleum & Chemical Corp Sinopec, were not immediately available to comment on the talks.



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