Total teams up with Brazil’s Petrobras

French energy company Total establishing footprint in Brazil with joint venture agreement with Petrobras. File photo by A.J. Sisco/UPI

March 1 (UPI) — French energy company Total announced alongside its Brazilian counterpart, Petrobras, both sides were teaming up in a $2.25 billion joint venture agreement.

“These new partnerships together with a reinforced technological cooperation should create significant synergies and values, mutualizing our operational excellence and further reducing costs on our joint projects for the benefit of both companies,” Total CEO Patrick Pouyanne and Petrbras CEO Pedro Parente said in a joint statement.

Total’s payments to Petrobras include $1.6 billion in cash. The Brazilian company, known formally as Petroleo Brasileiro, handed over enough…