BP and Petrobras form strategic alliance

BP announced that it has signed a memorandum of understanding to explore areas of cooperation with Petrobras.

Through this strategic alliance, Petrobras and BP have committed to exploring potential joint commercial agreements in areas of mutual interest in upstream, downstream, trading and across low-carbon initiatives, inside and outside Brazil. The alliance is also expected to include the transfer of technology, as well as joint training and research.

“Our partnership is based on common values and business principles that guide both companies,” Pedro Parente, President of Petrobras, commented. “We started by joining forces in the last bidding rounds, and now we are working to expand the partnership further, beyond upstream.”

“Petrobras is a world-class energy company with which BP has built strong relationships over many years,” Bob Dudley, BP Chief Executive Officer, said. “We are now excited to deepen our partnership and explore even more opportunities together across all our businesses – in the upstream, downstream, trading and low carbon – both in Brazil and beyond. We believe that working together in this alliance can deliver real value for both BP and Petrobras.”