Spain is second major direct foreign investor in Brazil

Jul 13, 2000 02:00 AM

Spain became the second major direct foreign investor in Brazil surpassed only by the US. According to Spanish government its investments amounts to $ 16.5 bn, mainly over the last three years.
Many Spanish companies acquired domestic companies like the telecommunications company Telefonica, which bought Telesp. In 2000 the investments will reach $ 13 bn in the purchase of Telefonica' shares of the total of its subsidiaries Telesp and Tele Sudeste.
YPF-Repsol intends to construct a gas pipeline together with Petrobras between Argentina and Brazil aiming to improve the downstream. The investment of $ 22.85 bn until 2005 would be destinated to: 50 % in exploration and production, 25 % in gas and electricity and the remainder in marketing and chemicals. Grupo Endesa is to take part in the next stage of privatisation in Brazil targeting the total control of Companhia Eletrica do Rio de Janeiro. The shipbuilding and repair company Bazan plans to sell a $ 500 mm aircraft carrier and one amphibious bunker for $ 160 mm.
In 2001 Spanish investors plan to invest in electric power sector (electricity, oil and natural gas) water and sewage systems treatment, banking, transportation and tourism.

Source: Bridge News via Newspage
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