Brazil’s Petrobras Investing US$ 55 Billion in 2008

Almir Barbassa Almir Barbassa. the Financial director of state-controlled Brazilian oil multinational Petrobras, informed that investment at the oil company this year should total from US$ 54 billion to US$ 55 billion, a volume approximately 20% greater than the US$ 45 billion invested last year.

The majority of the funds will be the company's own, but in order to face up to the growing volume of investment required in order to develop the mega fields in the pre-salt layer, Petrobras intends to shop for US$ 4 billion to US$ 5 billion in the market by the end of the year.

Barbassa stated that the company has already obtained loans of 6.4 billion reais (US$ 3.8 billion) in the first three months of the year, and that another US$ 2 billion to US$ 3 billion in loans obtained this year should be received by the company until December.

Regarding the new loans, Barbassa stated that Petrobras is still analyzing the best opportunities available, but that due to the good situation in the capital market, at least US$ 2 billion should be obtained.

"We are taking our time to study the market, and Petrobras always seeks the best financing opportunities. Anyway, we intend to shop for funds from various options, such as the capital market, the banking market and foreign credit agencies. The idea is to explore every existing alternative," he claimed.

Although he announced the investment volume for this year, Barbassa admitted that there should be a delay in the company's disclosure of its next Business Plan.

"The discoveries made in the pre-salt layer call for greater caution and accuracy in the elaboration of the plan, therefore we will not disclose it between July and August, as we usually do," he admitted. "It should be disclosed in September," he asserted.

The statements were made during the disclosure of the state-owned company's financial balance for the first quarter of the year, in which the company posted net profit 6.925 billion reais (US$ 4.1 billion), a result 68% higher than recorded in the same period of 2007.



  • Show Comments (1)

  • ch.c.

    Hmmmmmm….where is the lie ?
    “The plan calls for investments of $112.4 billion until 2012, representing an annual average of $22.5 billion, 87% in Brazil and 13% overseas.”

    Source :

    Quite a difference with the numbers in the article ” a volume approximately 20% greater than the US$ 45 billion invested last year.”

    Ohhhhhhhhh……the idiot Barbasse mixed up BRL with US$, or worse yet….believe the BRL is trading at par with the US$ ??????????????

    Viva the Brazilians entrepreneurs, not even knowing what they are talking about !


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.


You May Also Like

Brazil Is Right to Go to the WTO

Today’s defeat of the Grassley-Dorgan payment limit amendment in the U.S. Senate was a ...

Brazilian Gol Opens New Route

Brazilian airline GOL Linhas Aereas Inteligentes S.A. announced today  that it will commence daily ...

Another Serious Trafic in Brazil: Genes and Traditional Knowledge

Only 12 countries are considered mega-biodiverse, that is, they have 70% of all the ...

An Iconic Bar in Northeast Brazil Wages War Against City Hall

Portuguese-born Julio Trindade is one of the best-known nightlife figures in Fortaleza, in the ...

Brazilian Franchises Show Their Stuff in LA’s Franchise Expo

Brazilian companies are coming to Los Angeles for the West Coast Franchise Expo-2006, which ...

A Brazilian Success Story: from Grape Farmers to Fine Wine Producers

The municipality of Monte Belo do Sul, 121 kilometers away from the capital Porto ...

Melon Growers in Brazil Adhere to Fair Trade to Export

For a Brazilian group of small melon farmers based in the municipality of Mossorรณ, ...

A Pleasing Year for Brazil’s Cosmetics Overseas. Sales Are Up 20%.

Exports by Brazil’s personal hygiene, perfumery and cosmetics industry grew 20% in 2005 and ...

As the Two-Year Tradition Goes Brazil Gets a New Chief Justice

The Brazilian Supreme Court’s chief Justice serves only a two-year term. So every two ...

Brazil Calls Again for Summit and Urges US and EU to Cut Farm Subsidies

Brazilian President Luiz Inรกcio Lula da Silva said this Monday, May 29, that a ...