Petrobras and CNPC

Petrobras and CNPC have signed a memorandum of understanding in Beijing to begin negotiations on a strategic partnership, Petrobras has reported. The companies agreed in the document to jointly evaluate opportunities in Brazil and abroad in key areas of mutual interest. Petrobras, the Brazilian national oil company, said in a news release on its website that partnerships will represent an important strategy in its 2017–2021 business plan because of the potential benefits of risk sharing, increasing investment capacity, technological exchange, and strengthening corporate governance.