LONDON: British energy major BP announced Thursday that it has agreed a “strategic” tie-up with Brazilian peer Petrobras to explore “areas of mutual interest” worldwide across their businesses.

“BP today announced that is has signed a memorandum of understanding to explore areas of cooperation with Petroleo Brasileiro SA (Petrobras),” the London-listed giant said in a statement which gave no financial details. “Through this strategic alliance, Petrobras and BP have committed to exploring potential joint commercial agreements in areas of mutual interest in upstream, downstream, trading and across low carbon initiatives, inside and outside Brazil. “The alliance is also expected to include the transfer of technology, as well as joint training and research.”

BP chief executive Bob Dudley added that his company had built up a “strong” relationship with Petrobras over many years. (AFP)