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Brazilian giants pursue joint ventures

20th April 2012

Brazil’s two largest companies to pursue several joint ventures

Petrobras and Vale sign MOU

Brazilian giants, Petrobas oil and mining company Vale have signed a memorandum of understanding to pursue joint ventures in various areas.

The companies agreed to work together on potassium production, nitrogen fertiliser, thermoelectric, petroleum derivatives, gas, biodiesel and logistics projects, according to a statement by Petrobras.

“The goal of the protocol is to study the technical-economic viability of projects of common interest in the Petrobras-Vale system; establish the negotiable in terms of the different projects and study legal solutions of restructuring projects of common interest,” Petrobras said.

One a study has been completed, the companies will prepare a business plan and work on a compatibility timeline, the company said.

The MOU was signed by Petronras CEO Maria das Gracas Foster and Vale Chief Murilo Ferreira after a meeting in Rio de Janeiro.