For Immediate Release: October 4, 2011
Contact: Mary Trupo (202) 482-3809
Commerce Department Official Highlights Opportunities for U.S. Oil and Gas Companies in Brazil
Under Secretary of International Trade Francisco Sánchez delivers remarks at Offshore Technologies Conference in Rio de Janeiro
RIO DE JANEIRO, Brazil – Under Secretary of Commerce for International Trade, Francisco Sánchez today inaugurated the U.S. Pavilion at the first Offshore Technologies Conference (OTC) in Rio de Janeiro, Brazil. The pavilion has more than 80 U.S. firms exhibiting, and is an opportunity for American business to tie into the lucrative oil and gas industry in Brazil.
During his remarks at the OTC, Sánchez discussed the importance the United States places on the U.S.-Brazil commercial relationship and Brazil’s rapid economic growth. “Brazil has been designated a priority market under President Obama’s National Export Initiative and we know that the more U.S. companies export their goods and services to Brazil, the more jobs it will create at home and the more economic opportunities it will create for both countries,” said Sánchez.
The pavilion showcased services and technologies offered by 80 U.S. offshore oil and gas companies. It also supported a certified trade mission organized by the Louisiana state government along with the Committee of 100 for Economic Development.
Sánchez began his trip to Brazil by attending the first meeting of the Brazil-U.S. Business Council’s Oil and Gas Working Group. He met with U.S. companies actively engaged in the country’s oil and gas sector, and engaged in a discussion about how member companies can be competitive in Brazil.
He also met with Brazil’s Ministry of Mines and Energy, Agencia Nacional do Petróleo and the Association of Oil and Gas Suppliers to discuss how U.S. companies can support Brazil’s efforts to accomplish its goals in its oil and gas sector.
As the world’s seventh largest economy, Brazil provides significant opportunities for U.S. firms, and is a target market for U.S. offshore oil and gas companies because of the significant offshore oil deposits discovered in the last five years.U.S. goods exports to Brazil in 2010 were $35.4 billion, up 35.5 percent from 2009. U.S. goods imports from Brazil were $23.9 billion in 2010, a 19.2 percent increase from 2009. The United States is the source of substantial foreign direct investment in Brazil. At the end of 2010, these investments were valued at $66 billion, second in Latin America after Mexico and 14th among all countries.
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