Reuters – November 18, 20247:35 PM
RIO DE JANEIRO/SAO PAULO, Nov 18 (Reuters) – Brazilian state-run oil firm Petrobras (PETR4.SA) announced on Monday that its management proposed to the company’s board a $111 billion business plan for 2025-2029, according to a securities filing.
The filing said the business plan allows for ordinary dividends with a range starting at $45 billion for the period, and for up to $10 billion in extraordinary dividends.
The proposed plan exceeds the previous plan for 2024-2028 by about $9 billion, with about $77 billion for exploration and production activities, topping the $73 billion earmarked in the previous plan.
It also outlines $20 billion for the Refining, Transportation, Marketing, Petrochemicals and Fertilizers segment, while projecting production of about 3.2 million barrels per day of oil equivalent.
The amount, if confirmed, would maintain Petrobras’ status as Latin America’s largest crude producer.
Since last year Petrobras has been under pressure by President Luiz Inacio Lula da Silva to deliver on investments to help Brazil’s economy grow and generate local jobs.
Reuters reported last month, citing sources, that the plan is expected to cut investments planned for 2025 from the previous one.
In its filing on Monday, Petrobras did not provide details on the planned investments for each year.
Petrobras board is set to discuss the proposed business plan on Thursday.
Reporting by Andre Romani in Sao Paulo and Fabio Teixeira in Rio de Janeiro; Editing by David Alire Garcia and Leslie Adler
Source: Reuters / BR8
Image: Lucas Landau/Bloomberg
