Russian state gas titan Gazprom and Brazilian energy giant Petrobras have signed a memorandum of understanding to cooperate on the complete range of activities involved in the commercialization of hydrocarbon assets.

On behalf of Gazprom the memorandum was signed by Stanislav Tsygankov, head of the Gazprom foreign economic relations department, and on behalf of Petrobras the agreement was signed by Ildo Sauer, the company’s gas and energy director.

The document stipulates mutually beneficial cooperation in the hydrocarbon exploration, production, transmission and marketing sectors. Special focus in the memorandum is paid to cooperation in offshore field development, as well as modern technologies and LNG production.

Part of the agreement is a top priority plan, in which the parties agreed to set up cooperation in the LNG marketing sector, hydrocarbon exploration and production in the Latin American continent and the regional gas transmission systems development. Special attention was paid to progress with implementing the Trans Latin American gas pipeline, in which Gazprom is interested in participating.