Petrobras cuts 25% of its investment plans

21/09/20916 source “Financiero”

The Brazilian state owned oil company Petrobras said in a statement that will further reduce its investment plans – a fourth part – expecting to invest between 2017 and 2021 only 74,100 million Dollars from those 98,400 million that had been projected in the previous strategic plan for 2015-2019, representing a decrease of around 25%.

Less than a year after having made similar cuts, the company announced this new set of containment measures in an adverse situation in which the world oil prices continue to fall and is ongoing an investigation of corruption in the company. The 5 years projections of the company sank several times compared with 220.6 million Dollars announced in 2014.

The company also said that intends to sell 19,500 million Dollars in assets over the next two years, after selling 15.100 million in the last two.

“This result should be achieved through an increase of strategic alliances in the area of exploration and production, as well as refining, transportation, logistics, distribution and marketing,” detailed the company in the statement. The company aims to produce 2.8 million barrels per day in 2021.

While the public prosecutors imply more businessmen and politicians in a multimillion Dollar fraud in bribes in Petrobras, the general director of the company, Pedro Parente, said that will end the corruption inside the company.


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