Petroleo Brasileiro has put up for sale its entire stake in the Golfinho and Camarupim deepwater clusters in the Espírito Santo basin. Petrobras holds 100% interest in both concessions, with the exception of exploratory block BM-ES-23, in Golfinho, where it owns 65%. Brazil’s state-run oil company has been selling assets in order to lower its debt.
Brazilian mergers and acquisitions of companies moved R$ 307 billion ($73.52 billion) in 2019, an increase of 58.6% compared to the previous year. According to a Transactional Track Record (TTR) survey, 1,448 transactions involving Brazilian companies were recorded over the past year. This number has been growing gradually since 2016, and experts forecast to continue in 2020.
President Jair Bolsonaro decided to end Brazil’s membership to the Community of Latin American and Caribbean States (Celac).Government sources said that the decision was due, among other reasons, to the presence of dictatorships in the block, such as Cuba and Venezuela.The new position was communicated last Tuesday to the members. Created in February 2010, during a summit of the Rio Group in Mexico, Celac has 33 members and its main pillars are solidarity, social inclusion and complementarity.
President Jair Bolsonaro is set to visit India next week, aiming to boost trade with the Asian nation that has been expanding around 7% a year over the past decade and set to overtake China in terms of population in the next decade. Brazil sees a chance to increase its $7 billion in annual bilateral trade with India to $25 billion in the next few years. India represents a huge potential for Brazilian exports of food and commodities.