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Brazil Property News: Petrobras to invest $54bn
14th May 2008 04:49
A Brazilian oil giant has revealed that its investment should total $54 billion (£27 billion) this year.
Petrobras announced the 20 per cent increase from last year's $45 billion was because of requirements needed to develop recently discovered mega fields in the pre-salt layer, according to ANBA.
It added it was to shop around for between $4 billion and $5 billion of investment funds by the end of the year, but most of the funds would be the company's own.
Almir Barbassa, the firm's financial director, said: "We are taking our time to study the market, and Petrobras always seeks the best financing opportunities.
"We intend to shop for funds from various options, such as the capital market, the banking market and foreign credit agencies. The idea is to explore every existing alternative."
People considering buying property is Brazil could be interested to hear that the country's biggest oil company is investing so much in the Latin American nation.
Meanwhile, analysts have claimed that Brazil's latest oil discoveries may end the west's reliance on Middle Eastern oil.
Strategic Forecasting revealed that if the two finds are as big as predicted, the US will no longer be as reliant on Middle Eastern crude.
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