Brazil’s Petrobras to increase foreign investment by 40% in 2006

6 December 2005

Sao Paulo, Brazil, 06 Dec – Foreign investment by Brazilian oil company Petrobras is set to increase by 40% next year, in relation to 2005, to 1.2 billion euros, the company said Monday.

The investment will go to exploration, production, refining and distribution of fuels, particularly in Africa and the United States, said Petrobras’ International Director Nestor Cerveró told the Brazilian press.

The company, which says it is the largest oil producer in Latin America, aims to increase yearly production from 1.8 million barrels of oil to 2.3 million barrels by 2010, Cerveró said.

Cerveró added that between 2006 and 2010 Petrobras planned to invest 6 billion euros in foreign markets, 13% of the total 47.8 billion euros the company plans to invest in the period.

According to Cerveró 1.2 billion euros would be invested in Africa, 1.2 billion euros in the United States and 1 billion euros in other countries.

Petrobras currently has representational offices in Japan, China and Chile and operations in the USA, Argentina, Bolivia, Venezuela, Iran, Saudi Arabia, Colombia, Angola, the United Kingdom, Tanzania and Nigeria. (macauhub)