China, Brazil Boost Bilateral Energy Cooperation

China, Brazil Boost Bilateral Energy Cooperation

Brazilian state-run oil company Petrobras announced on Wednesday the signing of a number of memoranda of understanding (MoU) and agreements with China to extend their collaboration in the energy sector.

A MoU was signed with National Offshore Oil Corp. (CNOOC) in Beijing on Monday to deepen cooperation in oil and gas exploration and development in both countries in addition to crude oil trading.

In a securities filing, Petrobras has also signed a MOU with Asia’s top refiner, Sinopec Corp, to collaborate in oil exploration and production in Brazil and abroad.

In the clean energy field, Petrobras signed a strategic cooperation agreement with China Energy International Group to identify opportunities in renewable energy and hydrogen production.

The Brazilian company also has signed a non-disclosure agreement with China’s Citic Construction Co. (CITIC), to discuss business opportunities and joint projects, including investments in Brazil and abroad.

Petrobras said the agreements are non-binding and aim to support it in a successful energy transition process.

CNOOC noted that the development of CNOOC-Petrobras oil and gas cooperation will be greatly significant in promoting international energy cooperation and Beijing’s signature development program, the Belt and Road Initiative.

The Brazilian market plays a key role in China’s energy supply, as 10% of the country’s crude imports in 2021comes from South America, and Brazil has always been a major crude provider.

 

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Doaa Ashraf 454 Posts

Doaa is a staff writer with a Bachelor's Degree in Mass Communication, majoring Journalism from Ahram Canadian University. She has 2-3 years of experience in copywriting, and content creation.

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