Friday, February 23, 2024
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HomeBusinessBrazil - Saudi Arabia signs MoU on strategic sectors

Brazil – Saudi Arabia signs MoU on strategic sectors

BRAZIL – Brazil and Saudi Arabia marked an important moment in international energy co-operation, with the signing of a Memorandum of Understanding (MoU).

The memorandum covers a wide range of strategic sectors including oil, gas, electricity, renewable energy, energy efficiency, petrochemicals and hydrogen, reported by Brasil 247, a partner of TV BRICS.

“Under the leadership of president Lula da Silva, Brazil is once again in dialogue and open to cooperation with the world. In Saudi Arabia, we showcase Brazil’s energy leadership and seek to strengthen our relationship with the country in energy, oil, gas, green hydrogen and other important topics. We will attract investment to achieve economic and social development in Brazil, creating jobs, raising incomes and reducing inequality,” said Brazil’s minister of mines and energy, Alexandre Silveira.

The memorandum also recognises the importance of a circular carbon economy and technologies to combat climate change. It includes carbon reuse, transfer and storage initiatives aimed at reducing negative environmental impacts.

In addition, the document encourages collaborative energy research with universities and research centres. This initiative promotes the development of advanced technologies and will accelerate the energy transition in both countries.

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