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Petrobras Sells Oil To China

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.