State-Owned Energy Firm Ties Up With Scandal-Struck Brazilian Peer
State-owned energy giant China National Petroleum Corp. (CNPC) will set up a joint venture with a scandal-ridden Brazilian peer to kick-start work on a stalled $16 billion refinery near Rio de Janeiro.
Petroleo Brasileiro SA, more commonly known as Petrobras, signed an agreement to set up a joint venture with CNPC subsidiary China National Oil and Gas Exploration and Development Co. Ltd., of which they will own 80% and 20% respectively, Petrobras said in a statement on Wednesday.
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