Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

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

Published 2024-02-07, 06:05 a/m
Updated 2024-02-07, 06:09 a/m
© Reuters. FILE PHOTO: Jean Paul Prates, CEO of Brazil's state-run oil company Petrobras, enters the room for a news conference at 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 other national oil companies in China, India and the Middle East, including Kuwait Petroleum and Qatar Energy, to collaborate on energy projects, its chief executive said on Wednesday.

The company is also keen to work with neighbouring Venezuela, Jean Paul Prates told Reuters on the sidelines of the India Energy Week event 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 said.

"We're going to meet with Kuwait Petroleum," he said, adding that he plans to discuss refurbishing and upgrading of Brazilian refineries, projects in petrochemicals, fertilisers and energy transition.

Petrobras is also looking at working with Qatar on liquefied natural gas (LNG) projects, possibly in West Africa or Brazil, he said.

"Each one going into their own expertise, bringing them down to Brazil or Latin America," Prates said.

"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 said Petrobras has also formed task forces with Indian explorer Oil and Natural Gas Corp and refiner Bharat Petroleum Corp Ltd to look at projects in Brazil as well as overseas, in refining and renewables. The Indian firms already own stakes in Brazilian oil and gas blocks.

"We are going to reorganise the relationship in the view of this new administration at Petrobras," said Prates, who took over as CEO a year ago after being tapped for the job by Brazilian President Luiz Inacio Lula da Silva.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Petrobras is also exploring opportunities 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 said.

"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."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.