Commodities and Futures News

Petrobras in talks for projects with Gulf, Indian, Chinese corporations, CEO says

2024.02.07 06:38


© Reuters. FILE PHOTO: Jean Paul Prates, CEO of Brazil’s state-run oil firm Petrobras, enters the room for a information convention on the Petrobras headquarters in Rio de Janeiro, Brazil March 2, 2023. REUTERS/Pilar Olivares/File Photo

By Nidhi Verma

QUITOL, India (Reuters) – Brazil’s state-run Petrobras is in talks with different nationwide oil corporations in China, India and the Middle East, together with Kuwait Petroleum and Qatar Energy, to collaborate on power projects, its chief govt stated on Wednesday.

The firm can be eager to work with neighbouring Venezuela, Jean Paul Prates informed Reuters on the sidelines of the India Energy Week occasion in the state of Goa.

“We have two groups of Asian countries that we’re interacting very much right now and we’re building relationships right now – Gulf countries, India and China,” he stated.

“We’re going to meet with Kuwait Petroleum,” he stated, including that he plans to debate refurbishing and upgrading of Brazilian refineries, projects in petrochemicals, fertilisers and power transition.

Petrobras can be taking a look at working with Qatar on liquefied (LNG) projects, probably in West Africa or Brazil, he stated.

“Each one going into their own expertise, bringing them down to Brazil or Latin America,” Prates stated.

“The Atlantic is our preferred operational environment. That means West Africa, Brazil, Guyana and Equatorial Margin. That’s the areas we’re going to focus on,” he added.

Prates stated Petrobras has additionally shaped process forces with Indian explorer Oil and Natural Gas Corp and refiner Bharat Petroleum Corp Ltd to take a look at projects in Brazil in addition to abroad, in refining and renewables. The Indian corporations already personal stakes in Brazilian oil and fuel blocks.

“We are going to reorganise the relationship in the view of this new administration at Petrobras,” stated Prates, who took over as CEO a 12 months in the past after being tapped for the job by Brazilian President Luiz Inacio Lula da Silva.

Petrobras can be exploring alternatives with Venezuela.

“We’re looking at the Venezuelan conditions anytime in the future, because they’ve been more open to conversations with all companies. We look at the situation of the sanctions, that were relieved,” he stated.

“We’re looking at the debt that Venezuela has with Brazil. We’re trying to put together all that into one pot and see what happens.”

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