Petróleo Brasileiro S A Petrobras : Petrobras and Equinor celebrate Memorandum of Understanding focused on natural gas value chain

Petrobras and Equinor celebrate Memorandum of Understanding focused on natural gas value chain

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Rio de Janeiro, October 09, 2019 - Petróleo Brasileiro S.A. - Petrobras reports that, following up to the Strategic Partnership signed on 12/18/2017, celebrated today a Memorandum of Understanding (MOU) with Equinor ASA - Equinor, a company based in Oslo (Norway), focused on the joint development of businesses related to the value chain of natural gas produced from the partnership projects.

One of the main goals of the MOU is to maximize value in the downstream segment of both companies through natural gas thermoelectric generation projects as well as feasibility studies related to gas processing assets and pipelines in TECAB (Cabiúnas Terminal in Macaé, RJ) and COMPERJ (Petrochemical Complex of Rio de Janeiro, in Itaboraí, RJ), where a natural gas processing plant (UPGN) is under construction, both belonging to Petrobras. These locations have potential to become relevant natural gas hubs in the country in the coming years.

The MOU was signed in Rio de Janeiro by Petrobras CEO, Roberto Castello Branco, and Equinor CEO, Eldar Saetre, with the purpose of confirming the parties' intention to combine efforts in investments in the natural gas, liquefied natural gas (LNG) and power generation segments and, although it is non-binding nature, it indicates the companies' intention to work together to develop projects in these segments.

Currently, Petrobras and Equinor are partners in the Roncador field and in the exploratory blocks BM-C-33, Dois Irmãos, and C-M-709 among others, and this MOU reinforces the relationship between the parties, being aligned with the Petrobras Business Plan.

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