Energy collaboration between Saudi Arabia and Brazil is poised to strengthen after a key agreement was inked during the visit of the president of the South American country to the Kingdom.
The deal aims to establish a comprehensive framework for cooperative efforts across various fields, including oil and gas, petrochemicals, and electricity. It will also cover renewable energy, hydrogen, energy efficiency, and the carbon cycle economy.
According to the Saudi Ministry of Energy, Crown Prince Mohammed bin Salman and Brazil’s President Luiz Inacio Lula da Silva attended the agreement signing at the Al-Yamamah Palace in Riyadh.
The deal was inked by Saudi Minister of Energy Prince Abdulaziz bin Salman and Brazilian Minister of Mining and Energy Alexandre Silveira.
Following the signing, Silveira posted on his official X account that his country will develop important partnerships in energy, oil, gas, green hydrogen, and other areas.
“We are attracting investments to the country, promoting economic and social development in Brazil, generating jobs, income and combating inequalities,” he said.
Speaking at the Brazil-Saudi Arabia Investment Forum, held in July at the Federation of Industries of the State of Sao Paulo, Saudi Minister of Investment Khalid Al-Faleh said that green energy and food security are two of the main sectors in which Saudi Arabia is interested in investing in Brazil.
Al-Faleh cited finance, automotive, agriculture, transport and logistics as areas of interest, along with infrastructure, ecotourism and entertainment sectors.
“With the evolution of the Global South coupled with shared values between Brazil and Saudi Arabia, aligned strategic interests and strong private sectors, which we have so much respect for, why couldn’t we become a top-five investor in each other’s economy?” he said at the time.
Brazilian exports to Saudi Arabia recorded robust growth in the first seven months of the year to reach $1.87 billion, the highest amongst all Arab countries, Emirates News Agency reported in August, citing data from the Arab-Brazilian Chamber of Commerce.
Additionally, Brazilian imports from the Kingdom were the highest among Arab countries, standing at $1.98 billion.
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