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.
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.
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.
Exports from Pernambuco fell by 30.3% in 2019 compared to 2018. Last year, the Brazilian state sold $1.3 billion, compared with $2 billion in 2018. The drop was steep compared to the 6,4% in national exports. The main reason would be the dependence of the local market on Argentina, the main international customer for Pernambuco products.
Brazilian government has welcomed the United States’ change of stance to support Brazil’s bid to join the Organization for Economic Cooperation and Development (OECD) ahead of Argentina. The decision shows the construction of a “solid partnership” in the Brazil-United States relationship,” capable of generating short, medium and long term” results, Foreign Minister Ernesto Araújo published in a social network.
Petrobras has confirmed a 3% reduction in the price of diesel and gasoline for refineries from today. President of the National Federation of Trade in Fuels and Lubricants (Fecombustíveis), Paulo Miranda Soares, said the reduction was expected since the price of oil barrel returned to levels previous to the tension between Iran and the USA. He stressed, however, that consumers will have to wait two weeks until distributors manage the inventory.
Xuzhou Construction Machinery Group (XCMG) will open a bank in the Brazilian state of Minas Gerais in the first quarter of 2020. Banco XCMG S.A. will be the first foreign financial institution launched by a Chinese industry group and headquartered in Pouso Alegre, southern Minas Gerais, where the Chinese group has been operating an industrial park since 2015.
EDP Renovaveis SA (ELI:EDPR) has secured a power purchase agreement (PPA) for the output of the 66-MW Lagoa solar park it plans to build in the Brazilian state of Paraiba, which will start generating power in 2022. The Madrid-based company with Portuguese roots says it has now secured 5.3 GW worth of off-take deals out of around 7 GW of its global capacity planned for installation between 2019 and 2022.
Brazil’s auction of coveted 5G spectrum originally scheduled for March has been postponed until the end of year, amid a dispute at Anatel, the nation’s telecoms regulator, over the rules for the auction. Although the delay may help Brasília avert a looming stand-off with the US over whether Huawei play a role, it is a setback to the country’s technological ambitions that could cost the state billions in lost tax revenues and investments.
Mining and Energy Minister Bento Albuquerque told a group of 12 European diplomats that Brazil’s government was pushing ahead with plans to allow mining on indigenous reserves. He said that “significant leadership” from native communities had asked for the opportunity to mine on their lands. President Jair Bolsonaro will send a bill to Congress later this month to regulate the activity.