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Petrobras to Invest US$220 Billion within Next Five Years

By: PanAm Post Staff - Feb 26, 2014, 9:30 am

Petrobras, the leading, semi-public Brazilian multinational energy corporation, approved its business plan through to 2030 on Tuesday. In particular, it puts forward projected investments of US$220 billion within the next five years, which will focus, beyond Brazil, on Latin America, Africa, and the United States

The business plan also seeks to achieve an average production of 4 million barrels of oil by 2020 and maintain that figure until 2030, with the aim of doubling current production.

The goal for oil refining for the period was set at 3.9 million barrels per day, while on distribution the company aims to maintain its leadership in the Brazilian fuels market, add value to the natural gas business network, and maintain the growth of biofuels, ethanol, and biodiesel.

In addition, the company announced an 11 percent increase in profits for 2013, reaching $10 billion.

Source: infobae.