Singapore organisation announces $400m investment in Brazil oil
Date added: 20th October, 2010 at 10:10
(view all articles from October, 2010)
Categories: Economy, Natural Resources
Temasek Holdings has revealed it will be investing $400 million (£254 million) in Brazil's Odebrecht Oil and Gas (OOG) company.
It is the first large-scale move the Asian state speculating firm has made in Brazil since opening its Sao Paulo office two years ago and is part of a larger initiative to expand its presence in emerging markets.
"The funds will be used for fresh investments and will consolidate OOG as an integrated services company for the oil industry," the two organisations claimed in a joint statement.
According to the announcement, the Brazilian enterprise is hoping to use the money in order to strengthen its foothold on international markets in the natural resource sector, particularly Angola and Latin America.
Temasek, which recently announced a $400 million land banking joint venture in Mexico, "may open their wallet in a bigger way" should opportunities in the oil and gas industry continue to present themselves, economist Song Seng Wun told the Wall Street Journal.
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