Brazil’s state oil firm Petrobras has signed a cooperation deal with Sinopec allowing the Chinese oil giant rights to develop Brazilian oil resources, Reuters reported. The deal was signed between Hu Jintao and Brazilian president Luiz Inacio Lula da Silva ahead of a BRIC meeting in Brasilia. Sinopec chairman Su Shulin said the deal will cover developing oil deposits, trade and engineering equipment and materials. Su said Sinopec may this year buy more than the 2.28 million tonnes of Brazilian crude oil bought in 2009. Earlier this week Sinopec agreed to pay US$4.65 billion for ConocoPhillips’ stake in a Canadian oil sands project.
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