Turkey, Brazil energy investments can be $440m

Monitoring Desk

ANKARA: The potential for bilateral energy expansion between Turkey and Brazil is evident with projections of $440 million in investments in energy infrastructure by 2026, Brazil’s Ambassador to Turkey told Anadolu Agency (AA) on Wednesday.

Speaking to AA, Ambassador Eduardo Riccardo Gradilone Neto said trade relations between Brazil and Turkey have witnessed a rebound from $1.8 billion in 2016 to $2.2 billion in 2017.

“This result is attributed to the improved economic performance of both countries which, in 2018, should provide new opportunities for expanding trade and investment,” the Brazilian ambassador said.

Energy sector cooperation is one of the topics that the economic and trade promotion sectors of the Brazilian Embassy are following, he asserted, adding that this is also a topic on the agenda of the Turkish-Brazilian Economic Cooperation Commission that meets periodically to identify trade and cooperation opportunities between Turkey and Brazil.

He explained that the oil and gas sector is expected to absorb 71.4 percent of the $440 million total, 26.2 percent is anticipated for the generation and transmission of electricity, and the supply of biofuels is set to increase by 2.4 percent.

“The dynamism of the Turkish economy, which has grown at rates above the world average in recent years, and the Brazilian regulatory environment are parameters to guide the estimation of business expansion in the Brazilian electric power sector in the coming years,” he added. AA