The chief executives of Petrobras and Total have teamed up to work on new exploration, distribution and power projects in Brazil and elsewhere.
The strategic alliance will initially focus on potential natural gas and electric energy projects in Brazil.
But both executives said increased cooperation between the two firms could extend to some of Brazil’s refineries and fuel distribution market, as well as international projects.
Total’s chief executive Patrick Pouyanné said Petrobras’ natural gas-fired thermoelectric plants and other assets in the power sector that are up for sale were of particular interest to the French oil major.
He said Total would be able to bring its financing prowess to help get new joint projects off the ground in Brazil, which is suffering its worst economic contraction in eight decades.
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