Brazil fuel firm increases investment by 55%
Brazilian property investors may be interested to learn that the country’s state-run energy company is increasing its five-year investment plan by 55 per cent.
Petrobras intends to spend $174.4 billion (£126.1 billion) between 2009 and 2013, investing $28.9 billion in 2009 alone, a significant increase on the $112.4 billion the company planned to spend between 2008 and 2012.
"It is a very robust investment for Petrobras, for the oil and gas sector and the supply chain, which will have a significant impact on the national economy," said the firm’s chief executive, Jose Sergio Gabrielli
He added that he hopes the firm will be able to revise the budget to a lower figure over time due to predicted falls in the price of equipment and services in the energy sector.
Last week, Brazil’s central bank cut interest rates by one percentage point in an attempt to protect the country’s economy against the global financial crisis.
