Chinese investment in Brazil may total US$40 billion in 2014

7 October 2010

Sao Paulo, Brazil, 7 Oct – Chinese investments in Brazil this year may reach a total of US$25 billion, which would make the country the biggest foreign investor in Brazil, according to figures from the Brazil-China Chamber of Commerce and Industry.

In its turn, a study from consulting firm Deloitte said that China’s investments in Brazil could exceed US$40 million per year by 2014.

Before the deal between Repsol and Sinopec was announced, Chinese projects in Brazil totalled some US$20 billion including a loan of US$10 billion to Petrobrás which began to be paid out at the end of 2009.

From January to August China invested around US$11 billion in Brazil.

Amongst the most recent Chinese investments is that of state company Sinochem which paid US$3.07 billion for the Peregrino oil field which previously belonged to Norway’s Statoil.

China’s Wuhan Iron and Steel plans to invest US$3.29 billion to set up a steel plant in the port of Açu, in the state of Rio de Janeiro. (macauhub)