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  • 04-06-23

    Gulf Nations Eye Latin America's Energy Potential, Strengthening Partnerships

    (MENAFN) As Latin American countries witness rapid economic development and seek to bolster their energy infrastructure, investors from around the world are expressing keen interest in exploring the region's emerging opportunities. Among the promising partners in this regard are the Gulf nations, particularly Saudi Arabia and the UAE, who have been actively engaging with Latin American counterparts in energy-related ventures.

    The latest development in the Latin American-Middle Eastern energy partnerships occurred recently when Paraguayan authorities held discussions with their Emirati counterparts to establish a memorandum on economic cooperation. Renewable energy projects formed an integral part of the agreement. Paraguay, equipped with three hydroelectric power plants, currently generates an excess of electricity that it exports to Brazil and Argentina, accounting for more than 60 percent of its production.

    However, as Victorio Oxilia, an energy expert and professor at the National University of Asuncion, explained, Paraguay anticipates a less comfortable situation in the next eight to ten years. The country's growing population, coupled with the implementation of new industrial projects, will drive up energy demand. To meet these requirements, Paraguay will need to invest in expanding its electricity production—a consideration that had not been a priority over the past four decades.

    Oxilia emphasized the need for diversifying energy sources as well, as Paraguay's current hydroelectric plants heavily rely on the River Parana. The potential impact of severe droughts on power generation underscores the importance of seeking alternative energy options to ensure a reliable and sustainable supply.

    In light of these circumstances, Gulf nations view Latin America as an attractive region for energy cooperation, with a focus on renewable energy projects. By forging stronger partnerships and sharing expertise, both regions can address their respective energy needs while fostering economic growth and resilience in the face of evolving energy demands and environmental challenges.

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