Brazil’s state owned oil firm, Petrobras, and Norway’s export credit agency, Giek, have signed a memorandum of understanding (MoU) to promote closer institutional co-operation.

Under the agreement, Giek will set aside up to US$1bn in credit guarantees to cover exports from Norwegian companies to Petrobras.

This is the second time Giek and Petrobras enter such an agreement, with a first US$1bn MoU signed in 2010.