Petrobras and China Energy want to explore joint activities in the renewable energy sector

Petrobras said on Thursday it would set up a working group with China Energy International to analyze joint business opportunities, with a focus on renewable energy generation and “green” hydrogen.

According to a statement from the state-owned company, the companies’ proposal is to develop partnership business opportunities for the second half of 2023.

For Petrobras, the partnership reinforces the guideline of the new management of the Brazilian state-owned company to expand investments in the renewable energy segment, “in search of a fair energy transition”.

“We want to establish ourselves as the largest integrated energy company in Brazil. We have competitive prices, good partners, great projects and we are looking at new business opportunities,” Petrobras president Jean Paul Prates said in a statement. the president of the Chinese state-owned company, Lyu Zexiang, in Brasilia.

During the meeting, Lyu Zexiang advised that China Energy International has a $20 billion budget for investment outside China, with a major part of this amount going to Brazil, Petrobras said.

China Energy has been trying to explore areas such as energy storage and has green hydrogen and ammonia projects and studies. The Chinese company is also active in basic sanitation and desalination in some countries.

The working group between the companies will be organized by the director of energy transition and sustainability of Petrobras, Maurício Tolmasquim. The composition of the group will be defined in the coming weeks.

Source: Terra

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