Petrobras Eyes Opening Mideast Unit to Strengthen OPEC+ Ties [Financial Post (Toronto, Ontario, Canada)]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
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Source: Financial Post
Author of the article: (Bloomberg) — Brazil's state-controlled oil explorer is considering opening a Middle East unit as Latin America's biggest crude producer prepares to join OPEC+'s cooperation charter. Petrobras will begin formal analysis later this month on establishing a subsidiary intended to strengthen commercial ties in the Persian Gulf region, Chief Executive Officer Jean Paul Prates wrote in a text message to Bloomberg News on Friday. Article content Article content Prates' remarks come a day after Brazilian Energy Minister Alexandre Silveira told an OPEC+ gathering that the nation will join the charter in January. The charter is a platform for dialog that's open to all oil-producing countries without binding them to output quotas. “We'll analyze the feasibility of establishing a wholly-owned subsidiary in the Gulf: Petrobras Arabia,” the CEO said in a text. Brazil pumps more than 3 million barrels of crude daily, roughly equivalent to the output of OPEC+ mem
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