Petrobras invest in Brazil on new project approvals
Date added: 22nd June, 2010 at 10:29
(view all articles from June, 2010)
Categories: Natural Resources
Petrobras, one of the fastest expanding oil companies in the world, is planning a $224 (£151.98) billion investment in Brazil over the next four years.
New projects worth $31.6 billion have been approved, the firm said in a statement, which has seen a rise in the amount of money it will spend in the country, according to EFE.
Through the 20 per cent increase in its investments, Petrobras is hoping to see its production of oil and natural gas equivalent climb to 3.9 million barrels per day (bpd) by 2014, rising to 5.4 million bpd in 2020. Its current output is 2.5 million bpd, the news provider said.
The firm is to spend 95 per cent of the funds in Brazil, while the rest will be invested overseas, with 53 per cent going to hydrocarbon projects, 30 per cent designated to refining, sales and shipping and the remainder earmarked for the company's utilities and petrochemicals businesses.
In addition, Petrobras announced it would collaborate with the Sao Martinho group in the production of ethanol - striking a $238.5 million deal with the company, the news agency reported.
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