Exclusive: Brazil's Petrobras plans China subsidiary in push to boost ties, CEO says
Exclusive: Brazil's Petrobras plans China subsidiary in push to boost ties, CEO says
By Marta Nogueira
August 31, 202312:30 PM EDTUpdated 2 hours ago
RIO DE JANEIRO, Aug 31 (Reuters) - Petrobras (PETR4.SA) plans to create a Chinese subsidiary, Chief Executive Jean Paul Prates told Reuters, as Brazil's state-run oil firm pushes to strengthen relations with the Asian nation that had "chilled" under former President Jair Bolsonaro.
Prates said Petrobras aims to open the Chinese subsidiary next year, after getting formal approval. He said the move would help efforts to triple its share of China's oil imports in the next couple decades, while contributing to warmer Brazil-China ties under President Luiz Inacio Lula da Silva.
… Prates said Petrobras China subsidiary would allow Petrobras to operate and participate in projects as partner even in other countries, including in Africa…adding that China could help to revive the Brazilian naval industry.
Petrobras wants to increase its share of China's oil imports to 15% from the current 5% in the next 10 to 20 years, Prates said.
https://www.reuters.com/business/energy/brazils-petrobras-plans-china-subsidiary-push-boost-ties-ceo-says-2023-08-31/