Saturday, August 17, 2013

U.S. official asks for guarantees on company investments in Brazil

U.S. companies want to invest in Brazil, but need more guarantees to do so, visiting U.S. Energy Secretary Ernest Moniz said on Friday.

Regarding Brazil as an important country for investments, U.S. companies are very interested in the biddings for oil exploration, but they need "reasonable guarantees" for their investments, Moniz said when meeting with Brazilian Energy Minister Edison Lobao and businessmen of the energy sector in Brasilia, local media reported.

"Brazil has a lot of potential, and our companies want to take part in this," the U.S. secretary said.

"The U.S. and Brazil account for 70 percent of the production and consumption of ethanol fuel in the world. We are the giants of biofuels and we have had the benefits of bilateral trade in this sector," Moniz said, seeking possible partnership in the biofuel area between the two countries.

Brazil will carry out another round of oil and natural gas biddings in October and November.