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The Brazilian oil sector is now open to foreign investors

Published on July 6, 2012

 
The Brazilian oil sector is now open to foreign investors

The Government of Brazil gives Petrobras green light to become partners with foreign companies. This was unthinkable so far, since the state policy for the energy sector protects the autonomy. The change was due to the delay mounted by Petrobras in building the four refineries envisaged by the Government’s Growth Acceleration Program (PAC).

If such limitation kept in force, the delay in building the four refineries ‑Comperj, Abreu e Lima, Premium I and Premium II‑ would cause a really negative effect on the national economy, which would be obliged to energetic imports to meet 40 % of the internal demand by the year 2020. Therefore, foreign investments seem to be necessary to meet the PAC requirements.

Although there has been no official communication yet, one of the candidates is Sinopec, a Chinese company which already operates in conjunction with other companies in oil installations. Sinopec seems to be a great favourite, since it has up-to-the-minute technology, low costs and funding enough. There are however other candidates, like PDVSA, a Venezuelan company that is already working in building Abreu e Lima.

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