Setal Oil is a firm based in Brazil, and it deals with the production of oil and gas. The company is set to partner with Toyo, a company situated in Japan, and it deals with gas and oil production. The partnership between Toyo Setal will focus on the following activities; petrochemical, refining, and marine construction. The partnership will lead to the formation of Toyo Setal, and the company will be based in Sao Paulo. Setal Oil sold 50% of its shares to Toyo. Setal Oil has been focusing on forming a partnership with another company in the oil and gas industry. The partnership would come in handy while enhancing the growth of the firm. Setal Oil and Toyo will begin to work together in July. There will also be joint management. Toyo Setal will also be in charge of the petrochemical projects in areas such as Rio de Janeiro.
The corporation will also focus on the development of EBR– a shipyard based in Brazil. The development of the shipyard will cost at least R $1 billion. The shipyard will also handle a capacity of 110,000 tons annually. Additionally, the shipyard will focus on coming up with platforms that will offer some support to the vessels that are dealing with the oil and gas industry. With regard to the partnership, the main advantage present is that Toyo and Setal oil specializes in handling engineering projects. When both companies unite, Setal Oil will be in a better position to dominate the oil and gas industry in Brazil. Toyo began to operate in Brazil in 1965.
The firm was able to indulge in different projects within the nation. Toyo was in charge of the FPSO (Floating Production Storage and Offload) project. Since the government has enforced a policy involving increasing the content rate, Toyo and Setal Oil saw it fit to partner and work together. Toyo Setal is determined to ensure that they have also exploited other markets, including mining, energy, chemical, offshore, and petrochemical sectors. The firm will also utilize state of the art forms of technology. Toyo Setal will also be among the significant contributors to the Brazilian economy. Although the firm will be operating in Sao Paulo, they will also have offices in other areas such as Rio de Janeiro.
Source of the article : https://petronoticias.com.br/archives/127486