Petrobras in strategic partnership with CNPC

Petrobras CEO Pedro Parente and Vice President of CNPC and CEO of PetroChina Wang Dongjin on Tuesday signed a memorandum of understanding in Beijing to structure a strategic partnership.

Pursuant to this MoU, the companies agreed to jointly evaluate opportunities in Brazil and abroad in key areas of mutual interest, benefiting from their skills and experiences in all segments of the oil and gas supply chain, including potential financing structuring.

For Petrobras, the achievement of partnerships is an important strategy of the 2017-2021 Business and Management Plan, the Brazilian company explained. Strategic partnerships have the potential benefits of sharing risks, increasing investment capacity in the oil and gas supply chain, technological exchanges, and the enhancement of corporate governance,

For CNPC, the partnership with Petrobras reinforces its interest in investing and increasing its activities in Brazil.

Petrobras and CNPC have been partners in the Libra area since 2013, which is the first contract under the production sharing agreement regime, located in the Santos Basin pre-salt layer.

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