Brazilian steelmakers Gerdau (GGB) and CSN (SID) have signed a memorandum of understanding with local oil giant Petroleo Brasileiro SA (PBR), known as Petrobras, to study a joint port terminal project, the oil company said in a statement Tuesday.

Petrobras said all three companies already own areas at the Itaguai site around 70 kilometers west of Rio de Janeiro City.

Itaguai, also known as Sepetiba, is a major iron ore export port, coking coal import and container terminal.

"The aim of the study is to evaluate the possibility of jointly building and sharing some facilities on the seaward area, like conveyors, transporters, pipelines and piers," Petrobras said.

According to the Globo newspaper, the investment contemplated is around $500 million.

Globo also said operations at the proposed "mega-terminal" would begin in 2014.

Petrobras director for supply Paulo Roberto Costa told the paper it's studying building storage and oil blending facilities at the site.

Other Petrobras uses could be storage of byproducts from the proposed Comperj petrochemicals complex near Rio de Janeiro, as well as a support base for exploration of Brazil's deepwater sub-salt oil reserves, Costa said.

-By John Kolodziejski, Dow Jones Newswires; 55-21-2586-6086; john.kolodziejski@dowjones.com