CHINESE, INDIAN FIRMS EYE $10 BN REFINERY IN BRAZIL

Chinese, Indian and Iranian fi rms are discussing a tie- up to invest $ 7- 10 billion to build a new oil refi nery in the state of Maranhão in north- eastern Brazil, an offi cial of the Brazilian government has said, according to Reuters. Negotiations over the refi nery, with proposed capacity of 300,000 barrels per day, are ongoing between the companies and local offi cials.