Brazil: Economy Continues to Grow
An industrial center for natural gas processing has been commissioned near Rio de Janeiro, which will reduce the Latin American country's dependence on energy imports
In July 2024 (latest available data), Brazil’s economy grew by 5.3% compared to July last year. Compared to June 2024, Brazil’s economy grew 0.41% in July, slowing 0.99%, according to the Central Bank of Brazil (BC). In June 2024, there was an increase of 1.4%.
According to Brazilian and international analysts’ estimates in the Central Bank of Brazil’s Focus report, the country should end 2024 with growth of at least 2.68% compared to 2023.
The economy of Brazil, one of the founding countries of the BRICS group, is growing largely due to energy development. Brazilian state-owned energy company Petrobras inaugurated on September 16 an industrial center for processing natural gas from the Santos Basin field located in Itaborai, in the Rio de Janeiro area. The Boaventura complex, which includes an oil refinery and an industrial complex for the production of liquefied natural gas (LNG), will increase supply in the Brazilian market and, as a result, reduce the South American country’s dependence on imports, mainly from Russia and the Gulf countries.
“The day oil runs out, Petrobras will be the largest producer of biofuels, ethanol, and green hydrogen in the country,” Brazilian President Luiz Inacio Lula da Silva said at the inauguration of the industrial center. “Petrobras is more than the oil industry,” emphasized the Brazilian president, according to whom “the energy industry will produce what is needed.”
The new industrial center will be able to process up to 21 million cubic meters of natural gas per day. In addition to the gas pipeline and modern fuel and lubricants processing system, the mill will eventually be equipped with two gas-fired cogeneration plants, whose energy will be auctioned to ensure price competitiveness.
