Petrobras may unveil investment plan this month, Valor says

miércoles 3 de junio de 2015 09:50 GYT
 

SAO PAULO, June 3 (Reuters) - Petróleo Brasileiro SA could unveil a revamped investment plan for 2015-2019 as early as June 23, involving significant cuts in capital spending compared to recent years, according to a report in the Valor Econômico newspaper on Wednesday.

The disclosure of the so-called five-year investment program awaits approval by the state-run company's board, Valor said, citing a source with knowledge of the situation.

The current plan foresees $206.8 billion in investments between 2014 and 2018 at Petrobras, as the company is known.

The paper said investors expect Petrobras, based in Rio de Janeiro, to present an investment plan of around $136 billion for 2015-2019.

Petrobras did not immediately respond to a request for comment.

Valor did not disclose tentative figures for the plan or its terms, adding that the source said several new ideas were being considered.

Petrobras will continue to seek alternative sources of financing for projects, and executives regularly discuss which assets may be put up for sale, Valor said, without elaborating.

Petrobras expects to sell $13.7 billion worth of so-called non-core assets this year and next, with about $3 billion of those divestitures taking place this year. (Reporting by Guillermo Parra-Bernal; Editing by Bernadette Baum)