Two of Latin America's biggest companies are cooperating to increase output of oil, natural gas, and iron ore. 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 state of Espirito Santo. Vale, the world's top iron-ore producer, said in a statement it hopes its stake in the projects will help diversity its energy supply and reduce costs and risks. The financial terms of Thursday's deal were not released. It still requires the approval of Brazil's National Petroleum Agency. The two companies already cooperate on projects in 22 other oil blocks.
