Siemens expects oil, gas revenues in Brazil to double in 2020 from 2018 By Reuters

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Siemens expects oil, gas revenues in Brazil to double in 2020 from 2018

Stock Markets Oct 24, 2019 04:51PM ET

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Siemens expects oil, gas revenues in Brazil to double in 2020 from 2018

SAO PAULO (Reuters) - Germany's Siemens expects revenue from its oil and gas division in Brazil in 2020 to double compared to 2018 levels, an executive said on Thursday, citing upcoming oil auctions that could total around $26 billion.

The company does not disclose revenues by division but in 2018 it hit 4.1 billion reais ($1.01 billion) in Brazil, Latin America's largest economy.

"Our employee count is also going to increase by a lot," said Christian Schöck, who leads the oil and gas unit in Brazil.

The division provides equipment and services to offshore oil platforms.

"We expect that Brazil will be half of the global market for new platforms in the next 10 years," Schöck said.

Siemens maintains a plant in the state of Sao Paulo where, Schöck said, it is producing equipment that contains between 25% and 55% locally sourced parts.

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