RIO DE JANEIRO -- Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, has created a companywide policy to boost the use of local goods and services in Petrobras projects.
The policy, which was approved by Petrobras's board Dec. 22, will coordinate local content inside the company, Chief Executive Maria das Gracas Foster said during a press conference. The policy creates positions inside the company to monitor the percentage of local goods and services, Foster said.
"But we're not going to use local content just to use local content. This is going to be done in an economic and sustainable way," Foster said.
Foster said that while exploration and production concessions required certain levels of local content, other areas of the company didn't fall under the requirements.
Petrobras is investing about $225 billion through 2014 to develop recently discovered offshore oil fields. Brazil wants development of the fields to spark growth in the local oil and natural gas industries, creating thousands of jobs.
Copyright (c) 2012 Dow Jones & Company, Inc.
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