RIO DE JANEIRO - Brazilian state-run energy company Petroleo Brasileiro, or Petrobras, expects to raise about $20 billion in 2013 from debt issues and bank loans to fund the company's ambitious $237 billion investment plan, Chief Financial Officer Almir Barbassa said Wednesday.
Petrobras will tap global debt markets to finance its latest five-year investment plan that covers the 2013-2017 period. With the spending, the company aims to boost crude-oil production to 2.75 million barrels a day by 2017, with a hefty share of that output coming from the subsalt region offshore Brazil. Billions of barrels of crude were discovered trapped beneath a thick layer of salt deep under water.
Copyright (c) 2012 Dow Jones & Company, Inc.
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