feature story Chevron Brasil participates in a webinar on COVID-19 effects for the economy in brazil

Chevron Brasil was part of a webinar on July, 10 promoted by the Brazilian Finance Executives Institute of Rio de Janeiro (IBEF-RJ) to address the effects of social isolation caused by the coronavirus pandemic on businesses. The event presented scenarios for the three key economic sectors in the state of Rio de Janeiro: Petroleum, Health and Retail.

Luiz Fraga, Chevron Brasil Finance Manager, was the guest speaker to talk about the effects of the pandemic on the oil industry. He presented an overview about the Brazilian sector since its market opening, in 1997, to the present day. Luiz also highlighted that companies operating in the country needed to reinvent themselves, making the necessary cost reduction and heavily investing in technology to remain competitive.

“The last two years have brought great optimism to the industry in the country, with the resumption of the bidding rounds and new companies entering the market, which was interrupted by the COVID-19 pandemic and by the drop-in oil barrel prices”, he explained.

Regarding the post-pandemic scenario, Luiz said that the expectation is positive, considering that the global demand for energy is still very large. He stressed the key role that Brazil must play in this new scenario due to its natural resources but reinforced that keeping an attractive market environment is still needed to attract national and foreign investments.