Brazil Petrobras To Invest $174.4 Billion In 2009-2013

RIO DE JANEIRO -(Dow Jones)- Plummeting oil prices and the worst financial crisis in 30 years failed to crimp plans at Brazilian state-run energy giant Petroleo Brasileiro (PBR), with the company boosting investments over the next five years by more than 50%.

Petrobras said late Friday that it will invest $174.4 billion in 2009-2013, including a whopping $28.6 billion in 2009. Chief Executive Jose Sergio Gabrielli called the company’s investment plans “robust and important.” Petrobras’ previous strategic plan called for $112 billion in investments from 2008 to 2012. Petrobras invested about $23 billion in 2008.


Petrobras joined Mexico’s Petroleos Mexicanos, or Pemex, as one of the few oil majors willing to up the ante on investments as a slowdown in global economic growth has sapped demand for crude. Pemex said that it will boost investments in 2009 to $19.4 billion, up from $18 billion in 2008.

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