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Petrobras signs agreements with major Chinese companies

Published by , Deputy Editor
Oilfield Technology,

Petrobras has signed four memorandums of understanding (MOUs) with China Energy, SINOPEC, CNOOC and Citic Construction, China's main oil and energy groups. The agreements were signed in Beijing, between 28 – 30 August, during the company's strategic mission to China, led by president Jean Paul Prates and directors Joelson Mendes (exploration and production), Mauricio Tolmasquim (energy transition and sustainability) and Sérgio Caetano Leite (financial and investor relations).

Formalised with the CEOs of each group, the agreements are aimed at prospecting new joint business opportunities in the exploration and production, energy transition, refining, petrochemical, renewable energy, hydrogen, fertilizers, ammonia and carbon capture segments. The action aims to seek possible partnerships in Brazil, China and other regions, such as Bolivia and Suriname, as specified below:

  • Memorandum of Understanding (MOU) with China Energy International Group Co., Ltd. – China Energy, with the purpose of identifying potential business opportunities in Brazil related to renewable energy generation and sustainable hydrogen and ammonia production.
  • MOU with China Petrochemical Corporation – SINOPEC, with the purpose of collaborating in the research and assessment of opportunities in the exploration & production, refining, commercialisation, energy transition projects, carbon capture segments, amongst others, in Brazil or abroad.
  • MOU with the China National Offshore Oil Corporation – CNOOC, in order to extend the collaboration and explore the potential of global cooperation in the energy sector in segments of mutual interest, such as exploration and production of oil and gas, refining, petrochemical industry, amongst others.
  • Non-Disclosure Agreement with Citic Construction Co. Ltd. – CITIC, for discussions on possible business opportunities and joint projects, including the formation of joint ventures for investments in Brazil and abroad.

The agreements were signed at the headquarters of China Energy, SINOPEC, CNOOC and Citic Construction, with the presence of the main executives of each of the groups and the Brazilian ambassador in Beijing, Marcos Galvão. The four MOUs reinforce Petrobras' direction of strengthening the commercial relationship with Chinese companies, continuing the initiatives carried out by the company's new management in Brazil and the technical mission of President Luiz Inácio Lula da Silva, which took place in April.

“We are strengthening commercial and strategic ties with China's leading business groups. 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”, says Jean Paul Prates.

The signed memorandums 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.

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. In addition to the memorandums of understanding with oil and energy companies, it also signed, during the mission to Beijing, 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.

During the mission, Jean Paul Prates and Petrobras directors also visited important Chinese institutions and companies in the sector. The list of technical visits includes China's energy agency, the National Energy Administration (NEA), the Brazilian Embassy in Beijing, CNPC, Gold Wind, CNPC, Sinochem, State Grid and CNCEC.

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