CNPC buys Petrobras’ Peru business for $2.6 billion

China National Petroleum Corporation (CNPC) will buy Petrobras’ business in Peru in a $2.6 billion deal that expands China’s footprint in Latin America’s oil patch and will help bolster the Brazilian state-owned company’s balance sheet as it faces mounting financial pressure at home. « We think this is a mutually beneficially deal for cash-strapped Petrobras, which is focusing on commercialising domestic deep-water projects, and for PetroChina, which increases its overseas upstream footprint, »