Brazil's oil company Petrobras announced that it has sold 12 million barrels of oil to China's company
Brazil?s state-run oil company Petrobras announced that it has sold 12 million barrels of oil to China's state oil firm Sinochem International Oil Co. for $600 million.
Petrobras said that in five years the Chinese market could be worth $1 billion annually.
Although Brazil is currently a net importer of crude oil, it has a surplus of heavy crude from the Campos Basin, as there isn't sufficient heavy crude refining capacity in Brazil.
Petrobras believes the country can become self-sufficient some time in 2006.