• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 14 minutes Saudi Fund Wants to Take Tesla Private?
  • 18 minutes California Solar Mandate Based on False Facts
  • 1 hour Starvation, horror in Venezuela
  • 1 hour Monsanto hit by $289 Million for cancerous weedkiller
  • 8 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 4 hours Why hydrogen economics is does not work
  • 5 mins Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 7 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 12 hours Saudi Production Cut or Demand Drop?
  • 20 mins Oil prices---Tug of War: Sanctions vs. Trade War
  • 26 mins Correlation does not equal causation, but they do tend to tango on occasion
  • 33 mins Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 10 hours Merkel, Putin to discuss Syria, Ukraine, Nord Stream 2
  • 13 hours What Turkey Sanctions Are Really About
  • 6 hours Saudi Aramco IPO Seems Unlikely
Can China Afford To Slap Tariffs On U.S. Oil?

Can China Afford To Slap Tariffs On U.S. Oil?

China’s latest round of tariffs…

Who Profits From Iran’s Oil Major Exodus?

Who Profits From Iran’s Oil Major Exodus?

As sanctions on Iran move…

Brazilian Conglomerate To Expand Into Renewables

Wind

Brazil is on its way to gain a new clean energy venture in Votorantim, a private company that plans to create a wind, solar and hydropower company, according to a new Reuters report.

Votorantim has contacted the Canada Pension Plan Investment Board to finance the green energy platform, sources close to the company said. A company in Singapore and several North American pension funds have also demonstrated interest in the venture, sources added.

A final deal on the matter is not imminent, they said, without disclosing the size of a potential investment.

Votorantim is Brazil’s largest diversified industrial group. In recent years, its investments have focused on energy projects to reduce risk from the commodities trade, which is the company’s traditional sector of interest.

The Brazilian power grid relies heavily on renewable energies. Two-thirds of power generation in the former Portuguese colony is satisfied via hydropower, while another 15 percent comes from biomass and wind farms.

Still, fossil fuels from the Amazon rainforest, as well as related utilities, represent a solid source of revenues for Brazil. In a bid to raise cash, the country proposed a plan to put up for privatization 57 major state infrastructure assets, including the sale of some or all of its 51-percent stake in Electrobras by the middle of next year.

Related: Russia And Saudi Arabia Are Becoming Unlikely Allies

Brazilian President Michel Temer has insisted that the national oil and gas company would not be privatized, despite efforts by other parts of the Brazilian government to do that very thing. At a Reuters event last month, Temer vowed that Petrobras would remain under the control of the central government.

New foreign direct investment is another way that Brazil plans to raise new capital. As many as 17 companies have registered to bid in two rounds of exploration license awards in Brazil’s pre-salt layer, Brazilian Oil and Gas Secretary Marcio Felix said on the sidelines of an event early in September.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News