06 Dec – Brazil’s Petrobras plans to invest $84.1 billion in next 5 years
Over the period of 2019 to 2023, Brazil’s Petrobras plans to invest $84.1 billion to boost profitability and further reduce debt, the company said in a press release.
For the next five years, exploration and production (E&P) business is planned to be the driving force of the company, while refining, transportation, and trading are expected to continue operating in integration with E&P.
Petrobras is also expected to better explore the potential integration of the petrochemicals with refining and seek further focus on renewable energy for a sustainable future for the company.
Accordingly, the company will invest $68.8 billion in exploration and production, $8.2 billion in refining and distribution, $5 billion in gas and energy, $300 million petrochemicals and $400 million in renewable energy.
The company also announced that it will move forward with its divestment projects, which are expected to generate $26.9 billion over the period of the plan.