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Brazil's Petrobras Dreaming Of Deals with Japan and South Korea PDF Print E-mail
2005 - May 2005
Written by Alana Gandra   
Tuesday, 24 May 2005 16:10

The President of Petrobras - PetrĂ³leo Brasileiro S.A., José Eduardo Dutra, wants to attract Asian investments to Brazil, and strengthen the existing relationship between the Brazilian government-owned corporation and Korean and Japanese companies.

Dutra, plus the Downstream Director, Paulo Roberto Costa, and the CFO and Investor Relations Director, José Sérgio Gabrielli, arrived this Monday, May 23, in Seoul, South Korea, where they will have business meetings until the 25th.

According to the company's press service, on the 26th, Petrobras executives will join the Brazilian delegation (government and entrepreneurs) headed by President Luiz InĂ¡cio Lula da Silva, in Tokyo, Japan, to participate on business roundtables and meetings with Japanese authorities.

During these meetings, memorandums of understanding will be signed with Japanese companies and banks, among them, the Japan Bank for International Cooperation (JBIC), of which Petrobras is the non-Japanese company that holds the highest volume of investments, estimated at US$ 6 billion, with the participation of large Japanese groups.

JBIC resources have been applied by Petrobras in some projects, such as the gas pipelines in the Northeast and Southeast of Brazil, the production development at Bacia de Campos (in the state of Rio de Janeiro), and the modernization and expansion of refineries.

Petrobras informed that, since last year, it has sporadically exported Liquefied Natural Gas (GLP) to Japan, but without a fixed contract.

Regarding South Korea, the company awaits results of studies established by the memorandum of understanding signed last year with Korea National Oil Corporation, about projects of common interest in the areas of oil and natural gas.

Agência Brasil

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