Brazilian Petrobras Looks to Attract Chinese Investments in Oil and Gas Sector

Brazil’s state-run energy giant Petrobras is actively seeking to draw in fresh Chinese investments into the country’s oil and gas sector, with a particular focus on the naval industry. This initiative was highlighted during Chief Executive Magda Chambriard’s visit to China, where she engaged with Chinese business leaders and government officials.

During a meeting in Beijing, Chambriard and President Luiz Inacio Lula da Silva’s chief of staff, Rui Costa, presented an overview of Petrobras’ activities, emphasizing the potential for expanding shipyards in Brazil, the largest country in Latin America.

Chambriard expressed the company’s intention to strengthen the partnership between Brazil and China in oil and gas investments. She stated, “We understand that there are opportunities for Chinese companies to collaborate with Brazilian shipyards, and we believe that enhancing our cooperation would be mutually beneficial for both countries.”

Former President Lula has placed a strong emphasis on creating employment opportunities in local shipyards, a sector that has faced challenges in recent years. Petrobras has already initiated several projects to support this goal, including the commissioning of new ships. The company’s transportation and logistics subsidiary, Transpetro, aims to commission a total of 25 ships by 2030.

With a focus on bolstering the partnership between Brazil and China, Petrobras aims to tap into the vast potential of the oil and gas sector, while also supporting the growth of the naval industry in Brazil. By attracting Chinese investments, the company hopes to drive economic growth and strengthen bilateral ties between the two nations.

Source: Reuters