Shell to Invest $10Bln in Brazil in Next Five Years

© AFP 2022 / ERIC PIERMONTA picture shows the logo of Anglo-Dutch oil giant Shell
A picture shows the logo of Anglo-Dutch oil giant Shell - Sputnik International
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Royal Dutch Shell is planning to invest $10 billion in Brazil over the next five years, the oil-and-gas company’s executive vice president for deep water Wael Sawan said.

A picture shows the logo of Anglo-Dutch oil giant Shell - Sputnik International
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MEXICO CITY (Sputnik) – The planned investment will be in addition to the over $30 billion that the company has already invested in Brazil.

"Every single year we will be investing around $2 billion," Sawan said in an interview with The Wall Street Journal.

Shell bought a large number of oil-and-gas assets in Brazil this year. The company operates 5,500 energy stations in Brazil, according to the newspaper.

In October, Brazil’s congress voted in favor of milder restrictions on foreign investments in select oil fields.

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