Sinopec reaffirms interest in refinery/petchem complex

Chinese state oil company Sinopec has reaffirmed its interest in investing in a heavy oil refinery/petrochemicals complex that federal energy company Petrobras (NYSE: PBR) and Brazilian petrochemicals group Grupo Ultra plan to build in Rio de Janeiro state, newspaper Gazeta Mercantil reported. The president of Petrobras petrochemicals unit Petroquisa, Kuniyuki Terabe, visited China in May to reaffirm a memorandum of understanding signed between Petrobras and Chinese companies. He was also there to study Sinopec's heavy oil refining technology, a Petrobras spokesperson told BNamericas. Investment in the project is estimated at US$3bn. Details on the project should be announced by November this year, local press reported. Petrobras is also in talks with Sinopec to build the US$1.3-1.4bn, 1,100km Gasene gas pipeline linking southeastern and northeastern Brazil that will be financed by China's Exim Bank