Brazil’s Petrobras Is Still Calling for US$ 112 Billion in Investments

Brazilian Petrobras's robot Brazilian state-controlled oil multinational Petrobras's business plan for the 2009/2013 period, which is currently being elaborated, should not undergo modification for adaptation to the current scenario of lower foreign investment caused by the international financial crisis.

According to the Export and Production director at Petrobras, Guilherme Estrella, "Petrobras is not thinking about and does not consider the possibility of a smaller investment, neither the exclusion or cancellation of projects in the 2009/2013 Business Plan".

Estrella estimated that the projects for the pre-salt layer should add to the perspective of new investment by the company.

The Exploration and Production director at the state-owned company also said that the investment forecast for the current 2008/2012 Business Plan is of around US$ 112.4 billion.

He also added that the 2009/2013 Plan should be disclosed on the 19th of this month, after having been analyzed and approved by the Board of Governors at the company.

The Exploration and Production director at the company, Guilherme Estrella, participated yesterday (3) in the National Forum of Higher Studies at the offices of the Brazilian Development Bank (BNDES), in Rio de Janeiro.

Electronic Industry Growth

The electric and electronic goods industry should end 2008 with growth of 11% in revenues, compared with 2007. In total, the sector should post revenues of 123.7 billion reais (US$ 51 billion), according to projections disclosed by the Association of the Brazilian Electric and Electronic Industry (Abinee).

Exports of electric and electronic products should increase 11% this year, going from US$ 9.3 billion in 2007 to US$ 10.3 billion in 2008. Imports should total US$ 33.7 billion, 40% more than in the previous year.

The industry also generated more job positions. The number of employees rose from 156,100 as of December 2007 to 165,500 so far this year, with 9,400 direct job positions.

ABr

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  • Show Comments (2)

  • Gianni Spaghetti

    The longer they wait to face the facts the more it will be painful for them. Petrobras is already heavily indebted, it does not need new debt. Nobody would loan it new money because the economics of the pre-salt do not make sense in the current environment. It cost at least 45$ to drill there and current market price is 40$ and falling by the day.

  • João da Silva

    [quote]Brazil’s Petrobras Is Still Calling for US$ 112 Billion in Investments[/quote]

    Why shouldn’t it still be “calling” for these investments, when CEF and BB can lend them money at will? 😉

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