Repsol proposes $15bn investment in Brazil
Date added: 24th November, 2009 at 09:01
(view all articles from November, 2009)
Categories: Natural Resources
An investment in Brazil of up to $15 billion (£9 billion) is being planned by a global energy giant focused on the Santos Basin off the south coast of Rio de Janeiro.
Repsol, the biggest oil company in Spain, has proposed the investment in Brazil in a bid to make it more profitable and turn its output round after four successive years of decline.
Claudia Dantas, a spokeswoman for Repsol based in the Latin American country, told news agency Bloomberg: "The company's plan is to invest between $10 billion and $15 billion in Brazil, until 2020."
Antonio Brufau, its chief executive officer, was cagier about the amount that the company would invest in Brazil. He said that over the next ten to 20 years, it could spend $10 billion, $12 billion or $14 billion on Brazilian operations.
"It's too premature to say," Mr Brufau commented.
A number of international companies have recently revealed plans to increase investment in Brazil. Last week, carmaker Ford revealed proposals to spend four billion reais (£1.39 billion), the majority of which would be at a plant in the North East of the country.
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