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26

Petrobras to Launch Joint Exploration and Refining with Petrochina

The company may sign an initial agreement with Petrochina by the end of this year

Petroleo Brasileiro or Petrobras, the state oil company, said it is discussing "strategic cooperation" with Chinese petrochemical giant Petrochina.

The company may sign an initial agreement with Petrochina by the end of this year, said Petrobras's president consultant Henyo T. Barretto.

The accord would cover exploration and refining. Chinese oil firms have increased exploration to counter lower output form oil fields.