While the Brazilian economy struggles to get back on track after an extremely difficult decade, its hydrocarbon wealth continues to attract international interest. State owned Petrobras dominates the upstream and refining sectors but has been forced to sanction foreign investment because of its own financial difficulties. At the same time, Brazil’s engineering giants have been blocked from bidding for some contracts, providing opportunities that may previously have been closed off.

While Chinese capital is showing signs that it has come to stay, the Brazilian government has been implementing economic reforms to improve the business environment.