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Petrobras to increase planned investments through 2012
08
Dec '08
Petroleo Brasileiro SA, or Petrobras as it is commonly known across the globe may increase investment and spending through 2012 from what it had originally planned. The state owned company had at first planned to spend US $8.6 billion in the aforesaid period. This was revealed by the CEO of the company Mr Jose Gabrielli while speaking to reporters.

According to Mr Jose, the company would continue its growth but would prefer to be a important players rather than a dominant one. Petrobras is looking at increasing capacity in its refinery and petrochemicals business to generate better returns on back of intensifying output in crude oil and gas.

At the conference, Mr Jose declined to comment on reports of the government looking at increasing its stake in the company. He further divulged that the company cannot guarantee an increase in the supply of petrochemical raw materials like Naptha etc, as offshore resources are too far enough from the coast, that the it has still to work out as to how to transport the materials to the market.

Fibre2fashion News Desk - India

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