The deal to build the pipeline, known as the Gasene project locally, involves more than $ 1 billion that would be financed by the Chinese ExImBank, said Sergio Gabrielli, Petrobras’ director for finance and market relations.
The Brazilian and Chinese companies are also understood to be discussing a joint-venture to extract crude oil from the China Sea and other oil projects in Latin America, with Sinopec likely to contribute funding and Petrobras contributing its unrivalled experience in deep-water offshore drilling.