Saudi Arabia's PIF Plans to Invest $15 Billion in Brazil, Says Brazilian Minister

Saudi Arabia's Public Investment Fund (PIF) intends to invest some $15 billion in Brazil, in areas such as green hydrogen, infrastructure and renewable energy, the South American country's minister for energy said on Wednesday.

Alexandre Silveira told journalists at an event in Rio de Janeiro the plans were shared by PIF during meetings with Brazilian government officials.

He did not offer details on when investments would be made.

PIF did not immediately respond to Reuters requests for comment outside normal business hours in Saudi Arabia.

A joint venture of PIF and Saudi Arabian Mining Company (1211.SE), opens new tab concluded in April the acquisition of 10% of Brazilian miner Vale's (VALE3.SA), opens new tab base metals unit.

A subsidiary of PIF also has a joint venture with Brazilian chicken and pork processor BRF (BRFS3.SA), opens new tab to make poultry products in Saudi Arabia.