Petrobras Cuts Investment in Refining in $220.6 Billion Plan
February 26, 2014 by Avila Capital Markets, Inc.
Petroleo Brasileiro SA (PETR4), the world’s most indebted oil company, slashed its five-year investment plan by $16 billion as it cut spending in its unprofitable refining division.
Petrobras, as the state oil company is known, will spend $220.6 billion in a plan through 2018, 6.8 percent less than had been earmarked in its prior plan, the Rio de Janeiro-based company said in a regulatory filing yesterday after markets closed. Investments in the refining division will drop to $38.7 billion from $64.8 billion in the previous plan.
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