Brazil's federal energy company Petrobras (NYSE: PBR) is likely to publish on December 19 its revised US$112bn strategic plan for 2008-12.
"The company's board will meet on December 19 and chances are we'll publish our investment plan later that day," Petrobras downstream director Paulo Roberto Costa told reporters in Rio de Janeiro on the sidelines of a biofuels conference.
The strategic plan will cover 2009-13. The director made no comment on speculation the plan would get a boost due to heavy exploratory investments in the pre-salt layer.
"Investments in the pre-salt continue to be a priority despite the fall in oil prices," he said. "Industry conditions have changed. Oil prices at US$140/b or US$50/b are unreal."
"I believe oil prices will rise. That's why now is the best moment to make investments. A financial crisis, when the whole world stops investing, is the perfect time to do so," Costa added.
REFINERIES
Petrobras is not sure its Premium refineries in Ceará and Maranhão states will be included in the new investment plan.
"It's premature to talk about that. We are still debating the subject," the director said.
The two units are due to start operations in 2016 with a combined refining capacity of 900,000b/d.
The Comperj petrochemicals complex in Rio de Janeiro, however, will not be affected by the financial crisis.
"I think it's myopic to talk about delays in Comperj. I don't believe the financial crisis will last until 2014," Costa said.
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