Pemex CEO to Visit Brazil to Launch Technical Cooperation With Petrobras

Overview

• Petrobras said Juan Carlos Carpio, president of Mexico’s Pemex, will travel to Brazil this month to sign confidentiality agreements, a memorandum of understanding and to start joint technical studies.
• The companies described the work as technological cooperation focused on exploration, production and refining that could, after economic assessment, lead to commercial deals.
• Brazilian president Luiz Inácio Lula da Silva and Mexico’s president Claudia Sheinbaum discussed energy collaboration by videoconference, giving political backing to the state-to-state company talks.
• Petrobras announced parallel commercial moves, including a first sale of 40,000 tonnes of 'coque verde' to Saudi Aramco's China operation, which the company links to higher Asian demand following Strait of Hormuz shipping disruptions.
• Domestically Petrobras reinaugurated its R$1.3 billion renovated headquarters with phased reoccupation through 2028 while it navigates a fiscal dispute with Rio de Janeiro authorities that could affect its finances.