Total teams up with Brazil’s Petrobras

2 Mar 2017   Brazil

French energy company Total announced alongside its Brazilian counterpart, Petrobras, both sides were teaming up in a $2.25 billion joint venture agreement. “These new partnerships together with a reinforced technological cooperation should create significant synergies and values, mutualizing our operational excellence and further reducing costs on our joint projects for the benefit of both companies,” Total CEO Patrick Pouyanne and Petrbras CEO Pedro Parente said in a joint statement . Total’s payments to Petrobras include $1.6 billion in cash. The Brazilian company, known formally as Petroleo Brasileiro, handed over enough of a stake in some of its more lucrative fields so that Total is a minority partner. The Brazilian company said the joint venture agreement with Total aligns with a five-year plan to improve its financials […]

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