Brazil accepts China as 'market economy'; inks cooperation pacts

Brazil has recognized China as a "market economy," removing an obstacle to trade between countries already studying cooperation in energy projects. Earlier this year, Brazil's Petróleo Brasileiro SA (Petrobras) and China Petroleum & Chemical Corp. (Sinopec) signed strategic cooperation agreements for oil exploration, production, refining, products sales, petrochemicals, pipelines, and technical cooperation partnerships (OGJ Online, May 27, 2004).Also, officials from Brazil and Sinopec have signed a memorandum of understanding under which Sinopec will evaluate whether to participate in the proposed, 1,225-mile, $1.3 billion natural gas pipeline in Brazil called Gasene (OGJ Online,...

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