10/08/2008 16h02
Financing crisis will not affect Petrobrás investment plan
Valor Econômico - 10/08/2008
Petrobras' president José Sergio Gabrielli affirmed that, despite the financial crisis, the company intends to keep "the maximum investment possible". The executive explained that the state owned company should soon define the new investment plan and made a point to emphasize that, even with the international credit difficulties, it has leeway to develop its projects. "Today, we have an investment plan of US$ 112 million until 2012, which foresaw own cash generation of US$ 104 billion at a barrel price of US$ 35. We still have same leeway", said Gabrielli, who participated of the baptism of platform P-51, in the BrasFels shipyard, in Angra dos Reis. The state-owned company's president added that the new investment plan is in its final stage of analysis and the company is going to keep a close eye on the crisis "that materially affects the obtainment of funds to finance our investments". In a session of ups and downs, the future petroleum contracts closed with a light high yesterday, signing the first day of advancement in five sessions. Despite the continued concern with the level of the world demand for fuels, the agents evaluated news that the
Organization of the Petroleum
Exporting Countries (OPEC) may reduce its production. The WTI contract, closed for November in New York, closed at US$ 90.06, with a US$ 2.25 high. The contract for December advanced US$ 2.00, to US$ 88.71. In London, the Brent barrel for November closed at US$ 84.66, with a high of US$ 0.98. Those with expiration date for December went up US$ 0.85, to US$ 85.92. Last weekend, Iranian Petroleum Minister Gholam Hossien Nozari asked the cartel not to pump too much petroleum to keep prices above US$ 100.
