Petrobras Sees Peruvian Opportunity

Brazil's national oil firm Petróleo Brasileiro (Petrobras) is strengthening ties with neighbouring Peru in an effort to revitalise the country's oil and gas industry and to diversify its sources of supply. The firm is conducting exploration activities in the country and recently signed a Memorandum of Understanding (MoU) with Peru's national energy group Petroperu. BMI sees this move as more strategic than economic. Although the country's business environment is welcoming and there is tremendous potential for growth in the Camisea development, Petrobras' interest will centre around the diversification benefits inherent in a source of output that is close to Brazilian

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