Brazil’s Petrobras tightens ties with Chinese banks and Sinosure

[BNAMERICAS, Santiago, 10 June 2024) Brazil’s state-run oil company Petrobras is tightening its financial ties with China. The federal oil giant's actions in this area have gathered momentum since the beginning of 2023, when President Luiz Inácio Lula da Silva assumed the country's presidency. Last year, Petrobras signed MOUs with China Development Bank (CDB) and Bank of China to assess investment opportunities and cooperation in low carbon initiatives and green finance. Last week, the company announced it had signed an MOU with China’s export credit agency Sinosure, with the same goals. The deal with Sinosure followed a series of agreements inked with Chinese companies such as China Petrochemical Corporation (Sinopec), China National Offshore Oil Corporation (CNOOC), China Energy International Group and Citic Construction Co. (CITIC).