Petrobras to invest $ 174.4 billion by 2013

Petrobras' board of directors have approved the company's 2009-13 business plan and the company expects to invest $174.4 billion, which is about $ 62 billion more than the amount as decided in the previous plan. Most of the investments (approximately $ 104.6 billion) are to be channelled to exploration and production, followed by downstream operations ($ 43.3 billion), gas&energy ($ 11.8 billion), petrochemicals ($ 5.6 billion), distribution ($3.2 billion) and biofuels ($ 2.8 billion). A total of $ 28.6 billion is planned to be invested this year alone.

The 2009-2013 business plan was based on the strategic position laid out in the company's strategic plan for 2020. The business plan did not incorporate possible cost reductions. However, the company acknowledges that the scenario is of the lower prices and will work hard on slashing the costs of the goods, products and services used in its investments. Preserving its commitment to sustainable development, the company's goal is to enhance performance in oil, derivatives, petrochemicals, gas&energy, biofuels and distribution markets.

The company's vision of becoming one of the world's five biggest integrated energy companies, based on development on profitability, social and environmental responsibility, and integrated growth, was also maintained. The 2009-2013 business plan maintains aggressive growth goals for the company and incorporates resources aimed at exploring and developing the oil discoveries made in the pre-salt cluster.