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Petrobras and CNPC sign MoU for strategic partnership

Petrobras and CNPC sign MoU for strategic partnership

Brazilian oil and gas company Petrobras has signed a Memorandum of Understanding (MoU) with the China National Petroleum Corporation (CNPC) to begin negotiations for strategic partnership.

Petrobras CEO Pedro Parente and CNPC Vice President and PetroChina CEO Wang Dongjin signed the MoU, which outlines plans for them to evaluate opportunities in Brazil and abroad in key areas of mutual interest.

The deal is designed for both companies to benefit from their respective capabilities and experience in all segments of the oil and gas chain, including potential funding, and indicated CNPC’s interest in developing its activity in Brazil.

Petrobras said partnerships were an important strategy foreseen under its 2017-2021 Business and Management Plan.

It said strategic partnerships had the benefits of shared risks, increased capacity for investments in the oil and gas chain, technological exchanges and the strengthening corporate governance.

Petrobras and CNPC have been partners in the Libra area, which is located in the Santos Basin, since 2013.

For more information visit the Petrobras website.

If you have company news you would like featured in Pipelines International contact Managing Editor Nick Lovering at nlovering@gs-press.com.au

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