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Your email address will not be published.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

Brazil to Propose Preventive Agreements to IMF

Brazil’s Minister of Finance, Antônio Palocci, will participate in the annual meetings of the ...

The Shame Katrina Blew Open and Brazil’s Eternal Katrina

The September 11 edition of Brazil’s daily O Globo carried a surprising piece of ...

Lula: "We Should Stop Blaming Others"

Lack of money is not an excuse, says Brazilian President Luiz Inácio Lula da ...

Brazilian Central Bank’s Survey Offers Hint of Falling Interest Rates

Recent reductions in the annualized benchmark interest rate (Selic) have made Brazilian market analysts ...

Algeria Sees Arab Summit in Brazil as Good for Trade

The meeting of heads of State during the South America-Arab Countries Summit will pave ...

Brazil’s Flip Flops Find Their Way to the Oscars

Havaianas flip flops will be featured in the Oscar nominee gift basket and at ...

A Chance to Help in Bahia, Brazil

Thinking about volunteering in Brazil? You should consider Bahia’s AEC-TEA. They are in charming ...

Brazil’s Focus on Africa and Poor Nations Is Right Choice, Says Lula

In a speech at the launching of the Global Call for Action against Poverty, ...

After Health Scare Lula Gets Warning: Take It Easy!

The president of Brazil, Luiz Inácio Lula da Silva is resting at his private ...

Popular Art Gets Its Fair in Brazilian Northeast

Brazil's Fenearte (National Handicraft Business Fair), which will open its ninth edition this weekend ...