Following up to a heads of agreement for a strategic partnership signed on July 4, Petróleo Brasileiro SA - Petrobras said Oct. 16 that it inked a business model agreement with China National Petroleum Corp., or CNPC, subsidiary China National Oil and Gas Exploration and Development Co.

The agreement details the steps of a feasibility study, to be conducted by specialists from Petrobras and CNPC, for the Comperj refinery. Once the costs and benefits are quantified, a joint venture comprised of Petrobras with an 80% interest and CNPC with a 20% will be formed to conclude and operate the refinery.

In addition, the project also includes CNPC taking a 20% participation stake in the Marlim cluster, comprised of the Marlim, Voador, Marlim Sul and Marlim Leste fields. However, Petrobras will retain an 80% interest in the cluster and will remain as the field's operator.