April 12, 2018 / 12:20 PM / in a year

Brazil's Petrobras reaffirms commitment to BP strategic alliance

A tank of Brazil's state-run Petrobras oil company is seen in Brasilia, Brazil, August 31, 2017. REUTERS/Ueslei Marcelino

(Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA said on Thursday it has signed a memorandum of understanding (MOU) with BP Plc “to complement and reaffirm” a letter of intent the companies signed in October regarding a strategic alliance in Brazil.

Petrobras, as the company is commonly known, said the MOU affirmed the intention of the parties to “join forces” in areas such as oil exploration and production, oil trading, and other operations.

Currently, the companies are partners in 16 exploration blocs in Brazil, Petrobras said.

Reporting by Gram Slattery

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