Petrobras, Gazprom sign memorandum of understanding

Pipeline & Gas Journal, March, 2007

Petrobras and Gazprom signed a memorandum of understanding on Feb. 23, seeking to identify cooperation opportunities for oil and gas project deployment. With the agreement, three initiatives that may include cooperation possibilities have been identified in the LNG, natural gas storage, and natural gas transportation system operation optimization areas.

Although the activity schedule will extend through next year, Petrobras and Gazprom expect to materialize actual partnerships, particularly in LNG, this year. Potential improvements to the Brazilian gas pipeline implementation processes, incorporating Gazprom's experience, were also discussed at the third meeting held between the companies in the past year.