Prates goes to the Middle East and signals Petrobras’ partnerships with Arab oil companies

The president of Petrobras, Jean Paul Prates, announced on social media that the state-owned company intends to establish partnerships with three companies from Kuwait, in the Middle East: Kuwait Petroleum (KPC) and its subsidiaries, Companhia de Indústrias Petroquímicas (PIC) and Companhia de Exploração de Kuwait Overseas Oil (KUFPEC). Prates is traveling to the region and described the meetings with the presidents of these companies as “very productive”.

“We will soon have good news for the partnerships of these three companies with Petrobras, including the opening of a KUFPEC subsidiary in Brazil”, he wrote on Sunday night (11).

In addition to Kuwait, Prates plans to take advantage of a trip to India in search of business and cooperation opportunities for Petrobras, according to market sources. During “India Energy Week 2024” in Goa, he met with Indian Prime Minister Narendra Modi and other foreign leaders and industry entrepreneurs.

Although the details of the partnerships with Kuwaiti companies have not been clarified, there is speculation that they could involve Petrobras’ traditional businesses, such as oil and gas exploration and production, or expand into the petrochemical sector, an area of ​​interest for Petrobras. Prates board.

At the end of 2023, Prates discussed the launch of Petrobras Arabia during meetings with Saudi authorities, a venture focused on the fertilizer market. This initiative aims to take advantage of synergies between the two countries to strengthen Petrobras’ access to fertilizers, taking advantage of the different offers of raw materials such as nitrogen and potassium inputs, in addition to natural gas.

The idea is to produce fertilizers at more competitive prices in Brazil and guarantee safe imports from Saudi Arabia. The trip to Kuwait and India comes almost three months after Brazil was invited to join OPEC+, one of the arms of the organization of the largest oil-producing countries.

The invitation generated controversy and divided opinions as it occurred at a time when the government is promoting a green energy agenda and, at the same time, intends to unlock oil exploration – which generates fossil fuels – in the region of the so-called Equatorial Margin, mainly at the mouth of the River Amazon.