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Brazil : Foreign funds needed to reach Brazil offshore oil
Publish Date : 25-May-2012
Tapping Brazil\'s huge offshore oil reserves will require foreign investment that only cash-rich Chinese banks are in a position to provide, industry experts said here Wednesday.
Alvaro Teixera of the Brazilian Petroleum, Gas and Biofuels Institute IBP told an energy forum that cumulative expenditures in the sector until 2020 were estimated to reach US$400 billion.
\"We need foreign capital and technology,\" he told the Mare Forum on shipping and offshore business opportunities in Brazil.
For the 2011-2015 period, industry experts have forecast investments of US$258 billion, of which 83.3 per cent will come from Brazil\'s state-owned energy giant Petrobras, he added.
