Petrobras targets increase in planned investments

Brazil's government-controlled oil giant Petroleo Brasileiro SA has announced a massive increase in its planned investments, a 63-per-cent rise to U$56.4-billion (U.S.) from 2006 through 2010.

The company said in a statement the increase was necessary to meet rising costs of services, maintenance, oil equipment and drilling operations, which have climbed because of high international oil prices.

Foreign investments from 2006 to 2010 are slated to rise to U$7.1-billion, 42 per cent more than the U$5-billion Petrobras had originally planned. PETR4 (Sao Paulo) rose 2.39 reals to 122 reals (U$61.60).

(Published: The Globe and Mail, August 23, 2005)
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