"Petroleo Brasileiro SA, Brazils state-run oil producer, would consider delaying plans to sell as much as $25 billion of shares should global equity markets worsen, Chief Executive Officer Jose Sergio Gabrielli said.
Petrobras, as the company is known, sank 13 percent this month to the lowest level since March 2009 while expectations for U.S. stock price swings jumped by the most on record as Europes debt crisis spread and raised concern global growth will slow. The company, which plans the biggest share sale in the Western Hemisphere in at least a decade, said May 18 that it aims to issue the stock in late July or early August.
If the crisis is as it is now, we can go on, Gabrielli, 60, said yesterday in a Bloomberg Television interview in New York. If it goes deeper and spreads over more than it is now, then we have to consider.
Petrobras of Rio de Janeiro plans to sell equity to help finance $220 billion in spending through 2014, the worlds largest oil-industry investment program, as it seeks to develop fields such as the offshore Tupi block, the biggest crude discovery in the Americas since 1976."......................
