Project part-financed by the European Union
Trade minister Ian Pearson signed a Memorandum of Understanding (MoU) with the Brazilian energy minister Silas Rondau in early 2006, in a move that was expected to give the region’s energy firms more influence within the Brazilian energy sector.
The significance of the MoU was that it would allow both the UK and the Brazilian governments to address company concerns through a regulated framework and would assist commercial exchanges and technology transfers.
It also aimed to promote better cooperation on energy programmes, meaning issues such as climate change could be addressed more effectively.
At the time, Mr Pearson said: “Energy is becoming an increasingly important global issue. It is crucial that governments and companies from different countries have a fluent dialogue to help resolve issues as they arise.
“UK companies already have a large presence in Brazil but I would like to see a greater involvement as Brazil’s development continues. This MoU lays down a framework which both UK and Brazilian energy companies can use to pursue opportunities more efficiently.”
