Petrobras, Vale team up on Brazil energy projects

RIO DE JANEIRO (AP) - June 25, 2009 Mining giant Vale SA is investing in energy projects run by state-run oil company Petrobras, giving it rights to a quarter of three offshore oil blocks still being explored off Brazil's Espirito Santo state.

A statement from Vale, the world's top producer of iron ore, says it hopes its stake in the projects will help diversify its energy supply and reduce costs and risks.

The financial terms of Thursday's deal were not released. It still requires the approval Brazil's National Petroleum Agency.

The two companies already cooperate on projects in 22 other oil blocks.

Copyright © 2024 WPVI-TV. All Rights Reserved.