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By Sam Green, Contributing Reporter

RIO DE JANEIRO, BRAZIL – Petrobras, the Brazilian oil giant, looks set to bow to pressure and abandon plans to increase investments by US$35 billion in its current five-year plan. The proposed increase in expenditure would have been funded by increased borrowing, or fuel price rises. The federal government is determined to avoid such increases as it battles to limit inflation, which hit 6.51 percent last month.

The Federal Government is the largest shareholder in . . .

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