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Standard Bank encourages Brazilian companies to explore opportunities in Africa

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LNG Industry,

According to Reuters, Standard Bank Ltd (South Africa) has urged Brazilian engineering and construction firms to look into opportunities in Africa, such as LNG projects in Mozambique.

Reuters reports that whilst Jair Bolsonaro, the next President of Brazil, has stated his intentions to focus on relationships with advanced economies, Standard Bank is reportedly betting on the need for Brazilian companies to diversify abroad in order to bounce back from a domestic recession.

Standard Bank already serves a number of Brazilian companies in the African continent, including Vale and Petrobras. According to Reuters, however, the bank believes there is an opportunity for other companies to get involved, especially with regards to two major LNG projects in Mozambique. According to Reuters, these projects have a combined investment projected at approximately US$55 billion.

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