China invests $50bn in Brazil’s energy sector

China is providing $50 billion (£32bn) to boost Brazil’s energy sector. Brazilian oil and gas company, Petrobas, will receive $7 billion (£4.5bn) to support oil projects in the country. The […]

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By Jacqueline Echevarria

China is providing $50 billion (£32bn) to boost Brazil’s energy sector.

Brazilian oil and gas company, Petrobas, will receive $7 billion (£4.5bn) to support oil projects in the country.

The cash will also help mining firm Vale finance 24 mining ships.

In addition, the Government of China and Brazilian renewable company EDPR have signed co-operation agreements to boost wind and solar energy.

President of Brazil Dilma Rousseff said the two countries are working work to improve their economic relation.

She added: “It is for this purpose that we must achieve the commitments we signed today: the expansion of investment, trade and partnerships in education, science , technology and innovation.”

China invested $18.94 billion (£12bn) in Brazil last year.