Brazil pledges cash to Peru gas industry
Brazil has decided to help one of its neighbours with a large cash injection.
The Peruvian natural gas industry will be the recipient of the major investment which will allow it to ship natural gas to international markets.
It has been revealed a consortium of three Brazilian firms will spend up to $5 billion on the building of a pipeline to take gas from the Camisea fields, which are currently under exploration.
Brazilian energy companies Petrobras and Braskem have already indicated they will increase their joint investment commitment on exploration and future production to include the natural gas deal with Peru.
Petrobras has already said it expects to find over 8 trillion cubic feet of natural gas in the ground at the Camisea fields.
The entire pipeline is planned to be operational by 2020.
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