Brazil's Petrobras taps Chinese companies for energy collaboration - Reuters
Brazil's Petrobras taps Chinese companies for energy collaboration | Reuters
Brazil's Petrobras taps Chinese companies for energy collaboration
A man walks in front of the headquarters of Petroleo Brasileiro S.A. (Petrobas) in Rio de Janeiro, Brazil March 9, 2020. REUTERS/Sergio Moraes/File Photo Acquire Licensing Rights
Aug 30 (Reuters) - Brazilian state-run oil company Petrobras (PETR4.SA) said on Wednesday it signed a memorandum of understanding (MOU) with Chinese state-owned oil firm CNOOC (0883.HK) to extend its collaboration in the energy sector.
In a securities filing, Petrobras said it has also signed a MOU with Asia's top refiner, Sinopec Corp (600871.SS), to collaborate in research in oil exploration and production in Brazil and abroad.
Petrobras also signed a strategic cooperation agreement with China Energy International Group to identify opportunities in renewable energy and hydrogen production.
Finally, the Brazilian firm also said it has signed a non-disclosure agreement with Citic Construction Co, known as CITIC(CITIC.UL), to discuss "business opportunities and joint projects," including joint ventures for investments in Brazil and abroad.
Petrobras added the agreements are non-binding and aim to support it in a "successful" energy transition process.
Reporting by Carolina Pulice and Peter Frontini; Editing by Leslie Adler and Josie Kao
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: ENERGY BASICS: hydropower
Hydropower — electricity generated by turbines capturing energy from moving water — was for many years the primary contributor of renewable energy to the U.S. electricity grid. Its growth was rapid into the 1970s, and since then has offered a stable supply of power, while a declining share of all generation. For many years, hydropower was seen as clean energy and an unalloyed good, but a greater understanding of the impact of dams on ecosystems and wildlife has led to the removal of some dams. As of 2019, hydropower trails wind as a renewable source of power generation.