Saturday, 1 April, 2023

Brazil wants Russian investment in energy sector

Brazil wants Russian investment in energy sector

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Brazil is seeking investment in its energy sector from Russian gas major Gazprom, the country's ambassador to Russia, Rodrigo de Lima Baena Soares, has revealed.

“We have a new legal framework for the Brazilian gas sector, we expect investments from Gazprom in Brazil so that we have a serious presence of a large Russian company,” he told RIA Novosti at the Prodexpo exhibition on Thursday, reports RT.

According to Brazil's National Confederation of Industry, foreign investment in the country could reach about $29 billion by 2030 thanks to the new law.

Both BRICS member states, Brazil and Russia have been strengthening energy relations. Brazil said last year it was looking to buy as much Russian diesel as it could, calling Moscow a strategic partner and a “very reliable supplier.” The sides could significantly strengthen cooperation in the energy sector, especially in production and processing of oil and natural gas, as well as in the area of peaceful nuclear development.

Last year, during a telephone call with Brazil’s former president Jair Bolsonaro, Russian President Vladimir Putin promised the South American country a steady supply of fertilizers, which are crucial for Brazil’s vast agribusiness sector.