Petrobras (PBR) said Thursday it signed new long-term commercial contracts with Braskem (BAK) ahead of the expiration of existing agreements.

One of the contracts involves supplying petrochemical naphtha to Braskem plants in Sao Paulo, Bahia and Rio Grande do Sul. The five-year contracts carry an estimated value of about $11.3 billion, Petrobras said.

The companies also signed an 11-year contract valued at about $5.6 billion for the supply of ethane, propane and hydrogen in Rio de Janeiro.

Petrobras also said it signed five-year contracts for the supply of propylene from the Reduc, Recap and Refap refineries. The contracts are valued at about $940 million, the company said.

Braskem shares were up 1.5% in recent premarket activity Friday, while Petrobras rose 0.6%.