Brazil & Russia Intensify Economic Cooperation

Brazil and Russia, the two founding members of the BRICS group, have launched a program aimed at boosting bilateral trade and economic cooperation, particularly in agriculture and energy, with a focus on liquefied natural gas (LNG) production. This was announced during the 12th meeting of the Intergovernmental Commission, which was held in Moscow on Sunday, March 3.

The Brazil-Russia Commission works on economic, trade, scientific, and technological cooperation and in this case focused on agriculture and energy, devoting special attention to the energy transition. “This cooperation stimulates economic growth and brings mutual benefits, establishing long-term and effective cooperation in various strategic sectors,” Brazilian Trade and International Relations Minister Roberto Perosa told reporters in Moscow.

A state-of-the-art liquefied natural gas plant was inaugurated on Monday, March 4, in the city of Barcarena, in the Brazilian state of Para. “We are living in a new energy era. In addition to meeting the energy needs of economic and industrial activities, this plant will help us provide cleaner energy in the Amazon Basin,” said Brazil’s Minister of Mines and Energy, Alexandre Silveira. The initiative will be another important step towards decarbonizing the country, as it will “help replace oil and coal as sources of energy,” the minister said. Investments in the plant amounted to about 57 million dollars, and its production capacity is estimated at regasification of 15 million cubic meters of gas per day. Brazil’s gross domestic product grew by 2.9% in 2023, allowing the Latin American country to rise from 11th to 9th position on the list of the world’s largest economies.