Petrobras and Mitsui & Co. shake hands on low-carbon business opportunities

Brazilian state-owned oil and gas company Petrobras has signed a memorandum of understanding (MoU) with Japanese trading company Mitsui & Co. to explore low-carbon business opportunities in Brazil.

The MoU was signed on March 19 during the global energy conference CERAWeek in Houston, U.S.

The partnership between Petrobras and Mitsui & Co. covers evaluating, on a non-binding basis, potential opportunities for the production of sustainable hydrogen and its derivatives, the use of biomethane, and carbon capture, transportation, and storage (CCS).

“The agreement with Mitsui Co. (Brazil) S.A. seeks to identify common synergies in potential projects in low-carbon segments in Brazil. We will also explore how these synergies can open up commercial opportunities in Japan, one of the largest potential markets for renewable products,” said Petrobras’ Director of Energy Transition and Sustainability, Maurício Tolmasquim.

Petrobras further highlighted that this MoU with the low-carbon segments prioritized in the 2024-28+ Strategic Plan, which aims to prepare the company for a more sustainable future and contribute to a fair energy transition.

To bring its energy transition vision to life, Petrobras plans to allocate up to $11.5 billion to low-carbon projects over the next five years, considering transversal investments in the various business segments. This covers initiatives and projects to decarbonize operations, alongside the maturing and development of businesses in the low-carbon energy segment, with emphasis on biorefining, wind, solar, CCUS, and hydrogen.