Gazprom, Brazil's Petrobras to sign cooperation deal soon

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MOSCOW, July 6 (RIA Novosti) - Gazprom [RTS:GAZP] and Brazil's state-run oil and gas producer Petrobras intend to draft and sign a framework cooperation agreement soon, the Russian energy giant said Thursday.

The parties reached this understanding Thursday at a meeting where they discussed bilateral energy cooperation and expressed mutual interest in joint work, including projects in third countries, Gazprom said.

The parties paid particular attention to the possibility of joint participation in projects to create new international gas transportation systems in Latin America and explore and develop marine deposits, the Gazprom press office said.

Founded in 1953, Petrobras (Petroleo Brasileiro S.A.) is the country's largest natural gas producer and supplier. Brazil holds the fifth place in Latin America in terms of proven natural gas reserves (330 billion cubic meters). Natural gas accounts for 8%, oil 45%, electricity 42%, coal 4% and nuclear energy 1% in Brazil's energy balance.

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