The state-controlled oil exploration company in Brazil is considering opening a subsidiary in the Middle East at a time when the largest crude producer in Latin America is preparing to join the cooperation pact of the “OPEC+”alliance.
“Petrobras” will begin official studies later this month to create a subsidiary company aimed at strengthening business relations in the Arabian Gulf region.
Prats ‘ comments come a day after Brazilian energy minister Alexander Silveira told the “OPEC+” meeting that his country will join the pact in January. The pact provides a platform for dialogue open to all oil-producing countries without binding them to production quotas.
“We will analyze the feasibility of establishing a wholly owned subsidiary in the Arabian Gulf: (Petrobras Arabia),”the CEO said in a text message.
Brazil pumps more than three million barrels of crude per day, roughly equivalent to the production of Iran, and the UAE is an “OPEC+”member.
Brazilian President Luiz Inacio Lula de Silva is working to strengthen relations with” OPEC+ ” as part of his broader policy to represent the developing world as a whole. Prats traveled to Vienna in July to attend the “OPEC+” event and helped broker the visit of the organization’s secretary general Haitham Al-Ghais to Brazil in October for a meeting with Lula.
