Rio de Janeiro – This Thursday (3rd), the president of Petrobras, Graça Foster, stated that recent oil discoveries in Africa and the continent’s successful efforts have increased the Brazilian oil company’s interest in the continent even further. She participated in the seminar “Investing in Africa: Opportunities, Challenges and Tools for Economic Cooperation,” promoted by the Brazilian Development Bank (BNDES) at its headquarters, in Rio de Janeiro.
“From a future perspective, Africa is an outstanding new market that holds great opportunities not only for Petrobras, but for other companies to invest,” said the executive.
According to Foster, the company sees economic potential to expand its partnership with some African countries to manufacture ethanol from sugarcane, which may come to fruition as soon as the rules of the Regulatory Framework for the African Oil and Energy Industry have been set.
“Just like the entire fuel industry, we need to be sure of the investment we make, and for such a regulatory framework covering the biofuel issue is of utmost importance,” she said.
Currently, Petrobras operates in seven African countries. The company produces roughly 58,000 barrels per day in Nigeria, 2,000 in Angola, and maintains commercial operations in biofuel production and liquefied natural gas, among others.
*Translated by Gabriel Pomerancblum