Petrobras: Five-Year Investment Plan is Well Financed
SAO PAULO - Brazilian government-run oil company Petroleo Brasileiro SA (Petrobras) has planned to finance $208.7 billion in projects that have been approved, and has a further $27.8 billion in projects under evaluation that have yet to be financed, the company's chief financial officer said Monday.
The investment plan is well-financed, and the company won't need to sell new shares to raise capital, Almir Barbassa said during a presentation on the firm's latest five-year plan. The company should become cashflow-positive from 2016, he added.
Barbassa said the company will work to keep its investment grade rating, as that's key to keeping costs of funding in check. Petrobras, as the company is known, will work to keep debt level below 35% of capital, he said.
Borrowing plans, at around $16 billion per year, are "fairly comfortable," and below debt issuance in recent years, the executive said.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 34 Offshore Rigs
Manages 10 Offshore Rigs
- Exxon, Petrobras Form Alliance To Develop Oil, Gas Projects (Dec 14)
- Natural Gas In Petrobras Pipelines Up About 23% In 2017 (Dec 05)
- Petrobras CEO Says To Discuss Refining Partnership With CNPC CEO (Nov 15)