Brazil's Petrobras reevaluating partnership with China's CNPC

SAO PAULO: Brazil's state owned oil company Petroleo Brasileiro SA is reevaluating a partnership with the China National Petroleum Corporation to build a refinery in Rio de Janeiro state, newspaper Valor Economico reported Thursday, citing an anonymous source.

Petrobras would be having second thoughts on the refinery, which is known as Comperj, because the oil company's new Chief Executive Officer Roberto Castello Branco thinks they should aggressively divest from the oil refining business.

Petrobras did not immediately respond to a request for comment.

The oil company is undergoing an ambitious divestment program meant to reduce its high debt levels.