Brazil eyes $440M energy investments with Turkey

Brazil's Ambassador to Ankara Eduardo Riccardo Gradilone Neto said yesterday cooperation between Brazil and Turkey in energy sector will increase gradually in the coming years, adding that the amount of potential cooperation with Turkey in the energy sector in Brazil is expected to reach $440 million by 2026 with investments in energy infrastructure.

Neto said the trade volume between Turkey and Brazil, which stood at $1.8 billion in 2016, showed a significant increase last year, rising to $2.2 billion.

Pointing out that the continuously improving economic performance of the two countries will be reflected positively in investments in 2018, Neto said with the periodic meetings held by the economy and trade industry representatives of the Brazilian embassy and the Turkey-Brazil Economic Cooperation Commission, the commercial and cooperation fields between the two countries were identified. "The dynamism of the Turkish economy, which has grown above the world average in recent years, and Brazil's regulatory environment will guide Brazil's growth forecasts in energy sector in the coming period," he added.

Neto said the business volume between Brazil and Turkey in the field of energy will grow in the coming period. Noting that the amount of potential cooperation that can be made with Turkey in the energy sector in Brazil is expected to reach $440 million by 2026 with investments to be realized in energy infrastructure, Neto stated that this cooperation is expected to cover 71.4 percent of the oil and natural gas sector, 26.2 percent of the electricity generation and transmission sector, and 2.4 percent of the projects to increase the supply of biofuel.