Brazil’s Petrobras to invest $47 bln in 2010

* State-oil firm tapping massive deep sea reserves

* Plans to invest $174 bln through 2013

* New business awaits capitalization plan

ITABORAI, Brazil, March 9 (BestGrowthStock) – Brazilian state-run oil firm
Petrobras (PETR4.SA: )(PBR.N: ) in 2010 will invest 85 billion reais (US$47
billion), a company director and presidential candidate Dilma Rousseff said
late on Monday.

Petrobras plans to invest $174 billion by 2013 as it taps billions of
barrels of oil from deep beneath the ocean floor, but that will likely
change if Congress approves a capitalization plan that provides new funding
for the company.

The investments will be “something around 85 billion reais this year,”
Rousseff told reporters at a ceremony at a petrochemicals facility near Rio
de Janeiro, describing that figure as “a leap” from investments in previous
years.

Petrobras invested 50.7 billion reais in the first nine months of 2009.
Total investment for 2009 is not yet available because the company last
month delayed the presentation of fourth-quarter results that will include
that information.

Last year, President Luiz Inacio Lula da Silva’s government launched
the plan to swap development rights of 5 billion barrels of oil in the vast
offshore subsalt province for Petrobras shares.

For details on the capitalization scheme, please click on
[ID:nN15306577].

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($1=1.796 reais)
(Reporting by Denise Luna, writing by Brian Ellsworth;
Editing by John Picinich)

Brazil’s Petrobras to invest $47 bln in 2010