Petrobras and ArcelorMittal form partnership – Capital

Petrobras and ArcelorMittal form partnership – Capital

The partnership between Petrobras (PETR3; PETR4) and ArcelorMittal Brasil includes analysis of potential business models related to low-carbon fuels, hydrogen and its derivatives, renewable energies and CCS (carbon dioxide capture, transport and storage).

The memorandum of understanding signed between the two companies aims to study commercial opportunities that benefit both parties in the context of a low-carbon economy. They will seek to identify potential partnerships and business opportunities in Brazil that are aligned with diversification and emissions reduction strategies.

This comprehensive cooperation arises from the synergies identified in a joint study aimed at developing a carbon dioxide capture and storage center in the state of Espírito Santo, as well as an analysis of business models that could make its implementation economically feasible. Carbon capture and storage is a technology that involves capturing carbon dioxide and keeping it underground to mitigate the effects of climate change.

Petrobras (PETR3; PETR4)

In the CCS concept, carbon dioxide is captured from various emission sources, such as steel processing units, thermoelectricity, cement and natural gas, and transported through an interconnected network of gas pipelines to be stored in appropriate geological reservoirs. This connected grid approach can increase the technical and economic feasibility of carbon capture and storage, making it a suitable option for large-scale decarbonization.

Petrobras is already mapping geological reservoirs suitable for carbon storage and evaluating existing facilities in Espiritu Santo for integration into the infrastructure of a carbon capture and storage center in the state.

The partnership with ArcelorMittal is part of Petrobras' efforts to develop a low-carbon economy in a sustainable and inclusive way, promoting economic, social and environmental development in Brazil, said Petrobras' Director of Energy Transition and Sustainability, Mauricio Tolmaskem.

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Jorge Oliveira, CEO of ArcelorMittal Aços Planos América Latina, highlighted that the initiative is in line with the group's global goal of becoming carbon neutral by 2050, emphasizing the importance of the transition to a more carbon-sustainable economy.

ArcelorMittal is Brazil's largest steel producer, with manufacturing units in seven states and a global presence in 155 countries. The company operates in several sectors, including power generation, renewable coal production, and information technology.

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