Brazil invites China to take part in major oil and gas auction

28 October 2019

Brazilian President Jair Bolsonaro invited China to participate in a large auction of oil and gas concessions taking place on 6 November, which is expected to provide revenue of over US$100 billion, when he met with his counterpart Xi Jinping at the Great People’s Palace in Beijing, according to the Brazilian press.

“China must be present,” Bolsonaro said at a meeting at which eight cooperation agreements were signed in areas ranging from processed beef to renewable energy, facilitating mutual customs procedures, facilitating contacts between the Ministries of Foreign Affairs and fostering student exchanges.

The two countries could sign other agreements when Xi returns to visit Brazil in November during a trip to Latin America to attend the annual summit of the Asia Pacific Economic Cooperation Forum (APEC) in Chile.

Brazilian Agriculture Minister Tereza Cristina expressed her hope that China will certify more meat processing units in Brazil so that they can export to that country, where demand has increased sharply due to a swine fever epidemic affecting livestock farms.

During this visit, it was officially confirmed that Brazil will exempt tourists from China from having to obtain an entry visa, as the Government wants tourism to account for 10.0% of Gross Domestic Product (GDP), which compares with the current 6.0%.

Although China has accounted for over 150 million tourists this year, only 60,000 have chosen Brazil as their holiday destination, a figure that Brazilian officials say can be quickly improved.

The agenda of the President of Brazil, who on Saturday left for the Middle East to continue his tour, included meetings with Chinese Prime Minister Li Keqiang and the president of the National People’s Assembly and number three in the country’s hierarchy, Li Zhanshu.

China has been Brazil’s largest trading partner since 2009. (Macauhub)