Petrobras signs MoUs with Chinese banks

Petrobras, the Brazilian oil and gas company, has entered into memoranda of understanding (MoUs) with two major Chinese banks - the China Development Bank (CDB) and the Bank of China, it announced on August 28. The signing ceremonies took place during the recent strategic mission led by Petrobras' president, Jean Paul Prates, to China.

The MoUs envision a collaboration between Petrobras and the Chinese banks in evaluating opportunities for investment and cooperation in low-carbon initiatives and green finance.

One of the goals of the MoUs is to facilitate financial support for Petrobras' domestic supply chain. This move can not only bolster local suppliers but also strengthen the broader Brazilian economy by ensuring a robust network of partners, Petrobras said.

The parties also aim to enhance both commercial and financial exchanges between Petrobras and Chinese companies.

The MoUs are set to span five years, aligning well with Petrobras' 2024-28 Strategic Plan. This plan underscores the company's dedication to embracing sustainability and driving its energy transition efforts.