Petrobras mulls building Gascac without Sinopec
Bnamericas Published: Wednesday, December 20, 2006
Brazil's federal energy company Petrobras (NYSE: PBR) could manage construction of the 940km Cacimbas-Catu Gascac stretch of the Gasene pipeline alone, Petrobras CFO Almir Barbassa told BNamericas. Petrobras had expected Chinese state oil company Sinopec to manage project construction through an EPC contract but talks have not advanced. "A decision on whether our own engineering department will manage Gascac construction will be taken shortly," he said, declining to give details of problems in the talks. Talks with Sinopec have been ongoing for more than six months. If Sinopec is not hired through an EPC contract, Petrobras would oversee three companies already picked to build Gascac's three parts. "The project has been licensed, the engineering companies to build the line have been picked, the tubes have been ordered," he said. Petrobras aims to start project construction early next year. The 3.5bn-real (US$1.6bn) Gascac project is the longest and most important stretch of the 1,400km Gasene pipeline. The other two stretches - 300km Cabiunas-Vitória Gascav and 130km Vitória-Cacimbas - already are under construction. Sinopec is managing the Gascav construction. Petrobras plans in 2009 to start Gasene, which will link the gas-producing region in southeastern Brazil to the energy-hungry northeastern region.
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