document: On 18 December 2019, Petrobras issued a press release indicating it terminated an Integrated Business Model agreement, related to the Strategic Partnership agreement of 16 October 2018 with CNPC, for 20% working interest in the Campos Basin Marlim, Marlim Leste, Marlim Sul, and Voador production concessions and economic viability studies for the conclusion and operation of the Comperj refinery.     The economic viability study      indicated that completing the Comperj refinery did not present an      attractive economic return and the company is now studying alternatives as      to what to do with the refinery.   Other press reports indicated that      the company may attempt to divest part of its working interest in the Marlim,      Marlim Leste, Marlim Sul, and Voador production concessions through its      ongoing divestment process.    On 16 October 2018, Petrobras issued a press release indicating it signed an Integrated Business Model agreement, related to the Strategic Partnership agreement of 4 July 2018, with CNODC, subsidiary of CNPC, for 20% working interest in four Campos Basin production concessions and economic viability studies for the conclusion and operation of the Comperj refinery. The 20% working interest in four production concessions in the Campos Basin include Marlim, Marlim Leste, Marlim Sul, and Voador. Petrobras would remain the operator with 80% working interest. The agreement also covers both companies and an independent consultant conducting studies of the technical and economic viability to complete the Comperj refinery in the State of Rio de Janeiro.
summary: A 'strategic partnership' agreement reached Oct '18 between Petrobras and CNPC has been terminated. This conferred a 20% stake to CNPC in the Marlim, Marlim Leste, Marlim Sul + Voador leases.