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The Sinopec-led group has agreed to financial terms, which include assuming a 38mn-real (US$11mn) debt owed to suppliers for the plant's construction, the Estado de S.Paulo newspaper reported on Wednesday.
The parties are said to be awaiting a decision by Brazil's federal audit court before signing off on the deal.
The court is due to announce this week whether Petrobras can proceed with its multibillion-dollar investment plan after being accused of breaching transparency rules for the sale of public assets.
Work on the Três Lagoas plant, which is more than 80% complete, has been suspended since December 2014. Petrobras rescinded its contract with the project's former developers after stakeholder Galvão Engenharia was implicated in the sprawling Lava Jato corruption scandal.
The plant will produce nitrogen fertilizers, used in the production of grains and crops.