Both companies have taken big hits. But they are still standing, and they have now decided that they will stand stronger together. A new alliance has been formed between BP, which has been making its comeback since the Deepwater Horizon disaster, and Petrobras, which was severely weakened after an extensive corruption scandal.
The deal will start off as a Memorandum of Understanding (MoU), where they have agreed to investigate which areas could be interesting for a partnership. The cooperation will be based in Brazil, Petrobras' domestic market, but in time it will expand to other markets.
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