Petrobras Plans to Spend USD 224.7 Billion on Investments Over 5 Years, CEO Says (UK)
This Monday (Aug 1) Petrobras CEO, José Sergio Gabrielli de Azevedo, announced in London the company’s Business Plan for 2011-2015 to an audience of around 70 people, including investors, analysts and entrepreneurs.
The plan foresees investments of US$ 224.7 billion for the period. Also taking part in the event were the Director of Finance and Investor Relations, Almir Barbassa, and the Executive Manager for Investor Relations, Theodore Helms.
While presenting the main investments in E&P and Refining, Gabrielli contextualized Brazil as an emerging market in the world economy and stressed the growing domestic demand for oil products. “These are factors that must be properly interpreted while reviewing the business plan,” he said.
Gabrielli highlighted the local content policy and investments in research and development that have driven international companies to settle in Brazil in order to operate in the oil and gas industry. Equipment to be used on a large scale, such as valves, flexible lines and turbines, will be built by companies such as Cameron, Wellstream and Rolls-Royce.
In addition to the operating highlights, Gabrielli underpinned the Business Plan’s fundability and consistency and said the company will not undertake another share issue in the coming years. A news conference was held after the presentation.
Source: Petrobras, August 2, 2011;