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Authorities And Major African Players Wish To Prefer Brazilian Service Providers Due To Our Expertise In Exploring Large Marine Reserves
The Standard Bank Group Ltd, from South Africa, encouraged Brazilian engineering and construction companies on Tuesday to explore African opportunities, such as the largest liquefied natural gas projects in the world in Mozambique. While elected President Jair Bolsonaro says he will focus on relations with advanced economies, Standard Bank is betting on Brazilian companies that need to diversify abroad to recover from a recession at home.
Brazilian Companies Preferred By Africans
The largest creditor in South Africa in assets serves Brazilian clients in Africa, such as the mining company Vale and Petrobras, and sees opportunities for others on the continent, particularly in two major LNG projects in Mozambique with a combined projected investment of around US$ 55 billion.
“Our goal today is to outline the benefits and scale of Mozambican opportunities for Brazilian clients,” said Paul Taylor, global director of oil and gas at the bank, in a phone interview before meeting with Brazilian companies in São Paulo.
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The two rival LNG projects developed by Exxon Mobil and Anadarko Petroleum will explore large reserves found offshore, an area where Brazil has experience, and the gas will be liquefied on land, Taylor said.
The Standard Bank Group, of which the Industrial and Commercial Bank of China (ICBC) is the largest shareholder, with a 20 percent stake, has financed Brazilian food exports to Africa and is advising Brazilian companies on mergers and acquisitions on the continent.
Strategy Development
Natalia Dias, the bank’s president in Brazil, said that her Brazilian clients are trying to develop a more international business strategy after the recent crisis in Brazil, and it is still early to see what Bolsonaro’s policies will be once he takes office on January 1. “This is our bet. We still need to see what key measures the new government will take regarding foreign policy. We need to wait and see what the drivers will be,” she said.
Africa is a significant market for Brazil that will continue to grow, not only for companies that build roads, bridges, and ports, but also for Brazilian food exports.
With 60% of all arable and non-arable land in the world and similar soil conditions, Brazilian agribusiness companies should seek to produce in Africa to protect their market share, Dias said.
Bolsonaro’s Energy Plan Captivated The Market
Bolsonaro presented a policy plan for his potential government as well as a review of the country’s production sharing regime for pre-salt fields. The plan reinforced expectations that Bolsonaro will likely continue with the reform efforts that attracted investments from heavyweights such as BP, Equinor, ExxonMobil, Shell, and Total. Learn More About These Reforms Here.
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