UPDATE 1-Petrobras may unveil spending plan in June, Valor says

miércoles 3 de junio de 2015 10:21 GYT

(Adds Petrobras comment in paragraph 3)

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, Valor Econômico newspaper reported 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 company's media office said in an e-mail that no date for the release of the five-year investment plan has been decided. It declined to comment on the Valor story.

The paper said investors expect Petrobras, based in Rio de Janeiro, to present an investment plan of around $136 billion for 2015-2019. Valor did not disclose tentative figures for the new 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 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 and Meredith Mazzilli)