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Korea ties up with Brazilian refiner
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November 18, 2008
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Korea and Brazil yesterday signed a memorandum of understanding that can help local companies export ships and industrial plants to the resource-rich country, the government said.
The project financing deal reached in Sao Paulo between state-run Korea Export Insurance Corp. and Petrobras could facilitate the winning of future orders by the Brazilian oil producer and refiner, the Ministry of Knowledge Economy said. It also claimed that securing orders for petrochemical facilities and drill ships could give Korean companies an important base for expansion in South America, and revive exports to Brazil that have slid from $1.2 billion in 2006 to $300 million last year.
Korean companies are globally competitive in the launching of ships and construction of various plants and industrial infrastructure. Petrobras is the sixth largest oil company in the world and is engaged in exploration, development and refining operations. The public company said it will invest $112.4 billion up till 2012 to expand its business sphere.
The ministry in charge of trade and energy, meanwhile, said it will set up a trade promotion and support center in Sao Paulo and provide 2.8 billion won ($2 million) in 2009 to help companies increase their presence in the key South American country. Yonhap
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