The parties plan to work across various low-carbon segments, including hydrogen, biomethane, and CCS. [Image: Petrobras]

By Shardul Sharma

Petrobras, the Brazilian state energy firm, on March 19 announced the signing of a memorandum of understanding (MoU) with Japan's Mitsui & Co. to assess low-carbon business opportunities in Brazil. The MoU was formalised during CERAWeek in Houston. 

The partnership between Petrobras and Mitsui & Co. entails the evaluation of potential opportunities across various low-carbon segments, including the production of sustainable hydrogen and its derivatives, the utilisation of biomethane, and the implementation of CO2 capture, transportation, and storage (CCS) initiatives.

"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 underscored that the MoU aligns with the low-carbon segments prioritized in its 2024-28+ Strategic Plan, highlighting the company's commitment to driving sustainable energy solutions and mitigating environmental impact.

Download Report