Brazil’s Petrobras Announces Reduction in Investments

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The government controlled oil giant of Brazil, Petrobras, announced it has reduced its forecast for investments this year and next year. According to the company, investments will be reduced by US$11 billion and operational expenditures by US$7 billion for the next two years due to the decline of international oil prices and the recent appreciation of the U.S. dollar.

“To maintain its fundamental goals of deleveraging the company and creating value for shareholders, Petrobras is adjusting its projections for investment and manageable operating expenses,” said the statement . . .

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