• Categories
  • Archives

Brazil’s Petrobras to Invest US$ 7.5 Billion Overseas

The International Director of Petrobras, Nestor Cerveró,
confirmed today the Brazilian company’s internationalization plans and its
intention to invest US$ 7.5 billion between now and 2010 – around US$ 1.1
billion per year, on the average – on the company’s activities in the
international area.


Petrobras is currently engaged in exploration and production activities in practically all the countries of South America (with the exception of Chile, Paraguay, and Uruguay), Trinidad and Tobago, Mexico, the United States, Angola and Nigeria on the African continent, and the United Kingdom.

Daily production abroad currently amounts to 246 thousand barrels of oil equivalent (natural gas and petroleum), which the company intends to increase to more than 600 thousand by 2010, as a result of the investments that are projected.

Classified once again in first place among the country’s 500 largest enterprises, Petrobras also ended the year of 2003 as the most profitable among them, according to the magazine Conjuntura Econômica (Economic Conjuncture), published by the Getúlio Vargas Foundation’s Brazilian Institute of Economics.


The public enterprise closed last year with a net profit of US$ 6.09 billion (17.52 billion reais), its best result since its creation 50 years ago.

Petrobras, Telemar, the Vale do Rio Doce Company, Telefônica, and Eletrobrás were ranked by the Getúlio Vargas Foundation as the country’s five biggest companies.


According to the Conjuntura Econômica, petroleum, metallurgy, and electric energy were the sectors that earned the largest net profits last year.


Of the 500 “biggest,” the 104 companies that operate in these sectors made profits of US$ 12.3 billion (35.51 billion reais), 58% of the US$ 21.3 billion (61.24 billion reais) obtained by the 500 biggest companies as a whole.

Agência Brasil
Reporter: Nielmar de Oliveira
Translator: David Silberstein

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

For Brazil, Failure Is Not Option in WTO Talks

Delegates from the 23 developing countries making up G-20 pledged unity and warned in ...

Office Equipment Gives Brazilian Industry Best Performance in 4 Years

The Brazilian industry increased its production by 2.8% in the month of October, compared ...

Brazilians Learn How to Read and Write the Cuban Way

A pioneer experience in education, held in three municipalities of the state of PiauÀ­, ...

Brazil, the Original Leader of the Americas ”“ Part I

In November 1807, when Napoleon’s army invaded Portugal, the day before the French forces ...

The Euro, Now

With Lula almost certain to be Brazil’s next President the only way to avoid ...

The Pink Tide Has Faded in Brazil and Environs. It’s Everyone for Himself

The foreign policies of South American countries reflect the intricacies of national interests rather ...

São Paulo, Brazil, Goes on a Shopping Spree

Paulistanos, the residents of São Paulo city, Brazil, have great plans for consumption in ...

UN Praises Brazilian AIDS Program

The world director of the United Nations Joint Program for HIV/AIDS (Unaids), Peter Piot, ...

Brazilian Indian Chief Spared Jail for 2002 Murder

Brazil’s Higher Court of Justice (STJ) on June 29 allowed the chief of the ...

Taxes and High Interests Are the Main Bad Guys in Brazilian Economy

The Getúlio Vargas Foundation’s (FGV) Brazilian Economics Institute (IBRE) announced the results this Tuesday, ...