South America’s largest economy is aiming for more cooperation with Gazprom, so Brazil is seeking technological investment in its energy sector from Russian gas major Gazprom.
Authorities in Brasilia have a new legal framework for the Brazilian gas sector, and expect investments from Gazprom in Brazil so that the former Portuguese colony has a serious presence of a large Russian company.
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.
RT. com / ABC Flash Point News 2023.
Latin America is fighting back.
I did not expect any different. After all, both nations are in BRICS for the expressed reason of cooperation. This is especially a good idea when excluding US’ petrodollar, which Brazil is already working on with Argentina. Welcome in the club of reasonable countries.