Portuguese company Galp Energia plans to invest between 1 billion and 1.2 billion euros per year until 2016 the company said Tuesday in London during a presentation of its new financial prospects for the 2012-2016 period.
The investment will be channelled into exploration and production, the company said in a statement filed with Portuguese market regulator CMVM, but will also continue to invest in refining crude oil and distributing oil products on the Iberian Peninsula and in Africa, as well as in distribution of natural gas and production and sale of electricity in Portugal and Spain.
Galp Energia also announced it would invest in biofuels in Brazil and Mozambique
The Portuguese company also pledged to increases its annual dividend payout by 20 percent starting with those for 2012. (macauhub)