Petrobras Expects to Raise About $20 Billion in 2013
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.
Speaking to reporters during an event in Sao Paulo, Mr. Barbassa said the financing would be in line with the amount raised from global capital markets in 2012. Petrobras plans to make single, separate issues in U.S. dollars and euros each year, similar to what the company has announced to the market in the past, as well as secure loans from local and overseas banks, the executive said. "We are looking at all mechanisms," Mr. Barbassa added.
"We don't have any date set to do this, but we are always accompanying the market," Mr. Barbassa said.
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.
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