Worst Drought in 91 Years Turns Brazil Into Hot Spot for LNG
- State-run oil company is seeking liquefied natural gas cargoes
- Water crisis curbs hydropower supplies across South America
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Brazil’s worst water crisis in almost a century is turning Latin America’s biggest economy into a hot spot for liquefied natural gas.
As hydropower output declines, South America’s most populous nation is turning to the super-chilled fuel to keep lights on for its 212 million people. Brazil has already imported a record number of LNG cargoes just from the U.S. this year while state-run oil company Petrobras SA is tapping the spot market for another four.