Brazilian state-run energy giant Petroleo Brasileiro S.A. (PBR: 32.75 -0.84 -2.50%), or Petrobras S.A., announced its 2010-2014 strategic plan, projecting investments of $224 billion during the five-year period. ? This is up from $186.6 billion earmarked for 2009 ? 2013 and also exceeds the company?s previous guidance of $200 ? $220 billion. Petrobras attributed the budget hike to the approval of new projects worth $31.6 billion, with $19.7 billion of that going into exploration and production.??? ? Of the total capital expenditure, $212.3 billion (or about 90%) will be invested in Brazilian?projects, with?the remaining portion?going to?overseas ventures. The Rio de Janeiro-based firm has earmarked the lion?s share of the funds (approximately 53%) for upstream activities, while 33% of the capital will be spent on downstream projects (refining, transport and marketing).????? ? Petrobras plans to finance the massive investment with $165 billion in operational earnings (based on an average price of oil of $80 per barrel), supplemented by a capital infusion of $58 billion. ? What's $50 million to petro it's like toll money you leave in your car lol
MOG Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
