BRIC: Brazil’s Petrobras announces huge investment plan
Brazil’s state-owned Oil and Gas giant, Petrobras, announced Monday a huge plan to invest US$224B by Y 2014.
The figure, set for the 2010-2014 period in the company’ new Business Plan, represents a 20% increase from the US$174.4B forecast in the company’s Y 2009-2013 Business Plan.
Under the new plan, 95% of the fund, or US$212.3B, will be invested in Brazil, while the rest will go to Petrobras’ projects abroad.
The exploration and production sector will receive 53% of the total investments, or US$118.8B, while Crude Oil refinement, transportation and trade sector will receive US$73.6B.
The Nat Gas and energy sector will receive US$17.8B, the petrochemical sector US$5.1B, and the bio-fuels sector US$3.5B.
A total of US$31.6B will go to new projects, 62% of which will go to exploration and production, according to the plan.
Meanwhile, the company foresees a daily output of 2.7B bbls of Crude Oil by the end of Y 2010, US$3.9M bbl by Y 2014 and 5.4M bbls by Y 2020.—Paul A. Ebeling, Jnr. www.livetradingnews.com
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