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Massive Capital Flight From Brazil – But Norwegian Companies Remain in the Oil and Gas Industry
Brazil may see a decline in foreign investment of up to 40% in the oil and gas industry in 2020; Norwegian companies are increasing their investments in the country even with Petrobras’ privatization.
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Petrobras Is Considered the Biggest Gateway to the Offshore Market in the World in the Oil and Gas Supplier Industry
Brazil is among the countries most affected by the corona pandemic in the world. This has led to a severe economic slowdown and a massive capital flight from the country. According to experts, there could be a decline of up to 40% in foreign direct investment in the oil and gas industry in 2020. However, the capital flight began even before the pandemic hit the country.
One of the reasons is that many investors are uncertain about where the controversial Brazilian president, Jair Bolsonaro, will lead the country. This applies, among other things, to his climate and environmental policy, which concerns international investors. Another reason for the capital flight is that authorities have drastically reduced interest rates. As a result, it is less profitable to have savings in Brazilian banks.
The Right Investment in the Oil and Gas Industry
Norwegian companies have heavily invested in Brazil. Excluding the EU and the US, this is the largest market for Norwegian investments abroad. More than a hundred Norwegian companies, including Equinor, Hydro, Aker Solutions, Statkraft, DOF, and Yara, are established in the country. Norwegian organizations state that it will not be Petrobras’ privatization that will make them abandon investments in Brazil.
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