Wednesday, February 26, 2020

Revisions to Petrobras' Investment Plan Likely

December 6, 2018

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Brazil's right-wing President-elect Jair Bolsonaro is likely to revise the just-announced investment plans of state-controlled oil company Petroleo Brasileiro SA, newspaper O Estado de S. Paulo reported on Thursday, citing an unnamed source.

Petrobras, as the company is known, said on Wednesday it aims to invest $84.1 billion between 2019 and 2023, above the $74.5 billion forecast in its 2018 to 2022 plan.

Roberto Castello Branco, named by Bolsonaro to succeed Chief Executive Officer Ivan Monteiro, and Petrobras did not respond to a request for immediate comment.

(Reporting by Carolina Mandl; editing by Jason Neely)

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