Petrobras signed two important agreements with the main Chinese banks operating in the oil, gas and energy industry: the China Development Bank (CDB) and the Bank of China. The signing of the memoranda of understanding (MOUs) took place during the strategic mission of the CEO of the Brazilian company, Jean Paul Prates, to China. The documents are intended to (i) assess opportunities for investment and cooperation in low carbon initiatives and green finance, (ii) help finance Petrobras’ domestic supply chain, and (iii) increase commercial and financial exchanges between Petrobras and Chinese companies.
The memoranda of understanding with the China Development Bank and the Bank of China were signed on Friday (Aug 25) and Monday (Aug 27), respectively, in Beijing, at the headquarters of the two institutions. The signing ceremonies of the agreements were attended by Petrobras’ CEO, Jean Paul Prates, and the Chief Financial and Investor Relations Officer, Sergio Caetano Leite, in addition to the main executives of the two financial institutions.
The MOUs are non-binding and, after completing the necessary technical analyses and cost, term and return estimates, the projects will be able to be assessed by the appropriate internal approval authorities, in accordance with the company's governance. The agreements have a five-year term and are in line with the strategic elements of the 2024-28 Strategic Plan, which intend to prepare Petrobras for a more sustainable future, contributing to the success of its energy transition.
The signing of documents with the China Development Bank and the Bank of China are part of the set of initiatives of Petrobras' mission to China, aimed at fostering partnerships and business with large Chinese companies and financial institutions in the exploration and production, refining and processing segments, energy transition and other areas of the industry.
Jean Paul Prates highlighted that the signatures of the two MOUs represent an important step in Petrobras’ collaboration with China, in line with recent actions undertaken by the company in Brazil and continuing the technical mission of President Luiz Inácio Lula, carried out this year, in April.
“The two initiatives are extremely important to strengthen our partnership with the China Development Bank and the Bank of China. China will be a decisive partner in Petrobras’ strategy to resume its global presence. We see the Chinese market as a priority in this process. We are going to look for opportunities and work in partnership with companies from China and other countries”, says Prates.
