Petrobras signs MoUs with China's top energy companies
Petrobras, the Brazilian state-owned oil company, has signed four memorandums of understanding (MoUs) with China's top oil and energy groups, it announced on August 30. The agreements were signed in Beijing, between August 28 and 30, during Petrobras' strategic mission to China.
The MoUs with China Energy International Group Co. (China Energy), China Petrochemical Corporation (Sinopec), China National Offshore Oil Corporation (CNOOC) and Citic Construction (CITIC) aim to prospect new joint business opportunities in the exploration and production, energy transition, refining, petrochemical, renewable energy, hydrogen, fertilizers, ammonia and carbon capture segments.
The agreements are aligned with the strategic elements of PE 2024-28, which aim to prepare Petrobras for a more sustainable future, contributing to the success of the energy transition.
"We are strengthening commercial and strategic ties with China's leading business groups," said Petrobras president Jean Paul Prates. "We want to strengthen our business and diversify operations through the new alliances signed with China Energy, Sinopec, CNOOC and Citic Construction. We are going to expand our business in Brazil and abroad and we are betting on the future success of these alliances that we have signed here, in China."
The agreements are non-binding and, in order to monitor the progress of the studies and discussions, committees of representatives of each company will be formed. After completing the necessary technical analyses, potential projects arising from the signed agreements will have official estimates of cost, term and return, so that they can be assessed in the future by internal approval bodies, in accordance with the company's governance.
In addition to the MoUs with oil and energy companies, Petrobras also signed agreements with the Bank of China and the China Development Bank (CDB), two of the main banks in China, operating in the oil, gas and power sectors.
The agreements with the Bank of China and the CDB will provide Petrobras with financing for its operations in China.