Petrobras and ArcelorMittal Brasil to study collaboration in decarbonization

In Brazil, Petrobras and ArcelorMittal Brasil signed a Memorandum of Understanding (MoU) with the purpose of studying potential mutually beneficial business models in the low-carbon economy. The companies will seek to identify commercial opportunities and potential partnerships in Brazil that are aligned with their diversification and decarbonization strategies. The extensive cooperation stems from synergies identified in a joint study to develop a CCS (Carbon Capture and Storage) hub in the state of Espírito Santo, as well as to evaluate business models that make its implementation economically viable. In practical terms, CCS is a technique involving the capture of CO2 and its retention underground preventing the gas from reaching the atmosphere and contributing to minimizing climate change effects.