Petrobras Makes a Big Bet

Like oil? Need oil? If so, Jose S. Gabrielli de Azevedo, the president and CEO of Brazil’s state-controlled oil company, Petrobras (PBR), may be your next melhor amigo (best friend).

At a time when other big oil companies are barely managing to keep their production from declining, Petrobras on Jan. 23 announced an ambitious $174 billion plan to develop new oil and natural gas fields, mostly in deep waters off Brazil’s coast. This investment

In short, the Petrobras investment program is good news if you ever think you’ll need to refill the tank of a car, truck, boat, or lawn mower. BusinessWeek Economics Editor Peter Coy sat down with Gabrielli at Petrobras’ New York offices on Jan. 27 to discuss the company’s strategy for financing and carrying out its massive five-year spending program. Here are some of the key points from the interview:

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