Petrobras, the Brazilian state-owned oil company, has signed a memorandum of understanding (MoU) with Mitsui & Co. S.A. for a non-binding assessment of low-carbon business opportunities in Brazil.

The agreement was made during the CERAWeek conference, a global energy event held in Houston, USA.

The partnership between Petrobras and Mitsui & Co. will focus on evaluating various sustainable energy options, including the production of hydrogen and its derivatives, the use of biomethane, and the implementation of CO2 capture, transportation, and storage (CCS) technologies.

Mitsui & Co. is a renowned global trading and investment company with a presence in over 60 countries and a diverse business portfolio spanning multiple industries.

The MoU is in line with Petrobras’ 2024-28+ Strategic Plan, which prioritizes low-carbon initiatives to prepare the company for a more sustainable future contributing to a just energy transition.