SAO PAULO (Reuters) – Brazilian state-run oil giant Petrobras said on Wednesday it has signed a memorandum of understanding seeking to cooperate with India’s ONGC, a fellow state-controlled company, in several areas.
The agreement aims to “expand mutual opportunities” in exploration and production, oil and gas sales, decarbonization and the development of biofuels, Petrobras said in a statement.
The deal was signed at the India Energy Week conference, where Petrobras Chief Executive Magda Chambriard said earlier this week the company was looking at opportunities to sell and buy petroleum products from India.
(Reporting by Gabriel Araujo, Editing by Louise Heavens)
