Brazilian firm investing in Spanish capital
Brazilian investment group SPAC Investments announced a €1.6bn investment plan on Thursday to develop its Brazilian oil and gas fields in Spaniarda, in northern Spain.
The investment plan was announced by SPAC President, Marcelo Santos, at a press conference at the Brazilian Investment Company (COVID-19) in the capital, Madrid.
The project is part of the global “spanish renaissance” initiative that will see Spaniards invest more in their own country’s economy.
Santos said he is optimistic that Spain will become a major global oil and natural gas hub, as Spain is the second largest exporter of the oil and the fourth largest exporters of natural gas after Norway.
He said the investment would support the expansion of Spaniardios economy, especially in the fields of the Andes.
Santo said the company is committed to supporting Spaniarto as a hub for the construction of new pipelines, as well as a new export terminal for the gas-fired power station at Biavadore in central Spain.
“We are very excited that Spaniandas new development is leading the way to a spanish renaissance in the region,” he said.
Santiago said the project would help the spanish economy in several areas.
“We believe that Spano is a strategic region, in terms of the development of the energy sector,” he added.
Spain and Portugal have signed a $8.7bn deal to build the Llanos gas-powered plant at Bria, near the Portuguese town of Malaga.
The plant is due to begin producing gas in 2019.