Petrobras (PBR) Signs Agreement with Sinopec (SNP)
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Dow Jones reported yesterday that Petroleo Brasileiro, or Petrobras (NYSE: PBR), and China Petroleum & Chemical Corp. (NYSE: SNP), or Sinopec, announced that they have signed a memorandum of understanding.
Under the MoU, Petrobras and Sinopec will increase business between the two companies, specifically, Petrobras will be more involved in the export of oil to Sinopec.
Petrobras and Sinopec have already been working together in 2008: Sinopec has purchased about 12 million barrels of crude oil from Petrobras so far this year.
Petroleo Brasileiro S.A., Petrobras, together with its subsidiaries, engages in the exploration, exploitation, and production of oil from reservoir wells, shale, and other rocks.
China Petroleum & Chemical Corporation, through its subsidiaries, operates as an integrated oil and gas, and chemical company in the People's Republic of China and Hong Kong.
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