Two of the world's fastest growing oil economies joined forces as Sinopec and Petrobras agreed a collaboration deal.
The agreement, which sees Brazil and China's largest oil production companies working to together across a range of activities including exploration and engineering equipment.
The China Development Bank was also involved in the deal as senior Petrobras Financial Directors were hosted at a summit meeting in China. The Bank stated that it already had a close working relationship with Brazil and Petrobras in particular, having loaned the organisation $10bn to date for a range of projects and to guarantee oil supply from Brazil over the next 10 years.
The latest collaboration between Sinopec and Petrobras will focus on the development of Brazilian oil resources, Sinpoc having bought 2.28m tonnes of crude from Brazil last year - a volume that is set to grow with the new deal.
A division of Sinopec has also agreed a $4.65bn buyout of ConocoPhillips' stake in a Canadian oil sands project, making it the second largest North Amreican investment by China to date.