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Wednesday, 19 November, 2008, 23:20 GMT | more >>

Petrobras steps up production with $15bn


news agencies

Brazilian state oil company Petrobras is to invest $15 billion on overseas oil projects in a bid to double its oil production to capture growing demand in Asia and South America.

The company plans to increase output from 4.15 million barrels a day by 2015, up from the current 2 million barrels, said president of Petrobras Jose Sergio Gabrielli to reporters in Tokyo today.

The company will allocate $1.5 billion of the amount for renewable energy businesses, added Gabrielli according to a Bloomberg report.

Brazil is speeding up acquisitions of overseas refineries, oil exploration and construction of plants at home to capitalise on rising use of automotive fuels in Asia and South America.

This month, Petrobras completed the purchase of an 87.5% stake in a Japanese refiner from TonenGeneral Sekiyu KK., a unit of Exxon Mobil Corp.


Monday, 07 April, 2008, 09:39 GMT  | last updated: Monday, 07 April, 2008, 10:16 GMT

Spending spree: Petrobras plans to spend $15 billion on foreign investments to boost production
 

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