Chinese investment boosts Brazil’s pre-salt prospects

China bailed out cash-strapped Petrobras in 2016. Now, CNPC is staking a claim in Brazil’s pre-salt sector China bailed out cash-strapped Petrobras in 2016. Now, CNPC is staking a claim in Brazil’s pre-salt sector.
By Chris Noon 11 July 2017 0 26703
A deepwater drilling rig in Brazil. (Anadarko)

Energy-hungry China has pinned its upstream hopes on Brazil’s pre-salt fields, with China National Petroleum Corp. (CNPC) signing a strategic partnership with Petrobras last week. Closer Sino-Brazilian ties will supply more cash for lucrative deepwater exploration and may provide a boost to long-delayed downstream projects, experts say.

"The strategic partnership, if it materialises, would likely focus on pre-salt development in Brazil and on Petrobras’s overseas interests," Margaret Myers, director of the China and Latin America programme at the Inter-American Dialogue, told Interfax...

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