Petrobras Taps Chinese Companies to Help Revive Shipbuilding
(Bloomberg) -- Petrobras Chief Executive Officer Magda Chambriard said the Brazilian oil producer is seeking Chinese investment to help upgrade its shipping and infrastructure.
A memorandum of understanding Saturday included China’s Cosco, Offshore Oil Engineering Co., China State Shipbuilding Co. and China International Marine Containers Ltd. and Brazilian peers EBR, Rio Grande, Maua, Enseada and Atlantico Sul. State-controlled Petroleo Brasileiro SA and its Transpetro logistics subsidiary will serve as anchors for potential technological and business partnerships.
“We’d like the Chinese to be partners in shipyards here,” Chambriard said at the event with Brazilian and Chinese executives in Rio de Janeiro. “We expect Chinese capital injection.”
Besides five floating production storage and offloading platforms to be contracted by 2030, Petrobras and Transpetro are set to order 52 new vessels by 2026.
Brazil’s federal government wants part of the 29 billion reais ($5.4 billion) fleet renewal program to go to local shipyards, addressing President Luiz Inacio Lula da Silva’s plans to boost manufacturing.
Brazil’s shipbuilding industry has struggled since a corruption scandal known as Carwash embroiled Petrobras back in 2014. The oil company resumed orders halted since 2016 to Brazil’s shipyards last year.
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