Sunday, June 27, 2010

I Thought Brazil Was Totally Ethanol? Brazil's Petrobras boosts investments in deep-water push

Brazil's state oil company Petrobras announced on Monday a 29 percent investment hike over five years as it stepped up its campaign to tap some of the world's largest deposits of deep sea oil.

Do you ever feel that you are being lied to merely for the purpose of getting certain legislation passed at the given point in time?

The $224 billion investment program for 2010-2014, currently the largest for the oil industry globally, increases refining outlays while still dedicating the bulk of spending to deep-water oil exploration.

It also sets the stage for Tuesday's shareholders' meeting to approve a capital injection in which Petrobras (PETR4.SA)(PBR.N) could raise $25 billion in cash from the sale of shares to minority shareholders and issue about $60 billion worth of stock in exchange for oil

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