Petrobras & CNPC Form a Comprehensive Strategic Alliance

Source: www.gulfoilandgas.com 7/4/2017, Location: South America

Petrobras' and CNPC inform that Mr. Pedro Parente, Petrobras’s CEO, and Mr. Wang Dongjin, Vice President of CNPC and CEO of PetroChina, signed a Memorandum of Understanding (MoU) in Beijing to structure a strategic partnership.

Pursuant to this MoU, the companies agree 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. 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:
Since 2013, Petrobras and CNPC are partners in the Libra area, the first contract under the production sharing agreement regime, located in the Santos Basin pre-salt layer.




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