Brazil's Petrobras to invest 44.6 bln USD in 2010

13:22, March 10, 2010      

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Brazil's state-controlled oil and gas giant Petrobras will invest a total of 79.5 billion reais (44.6 billion U.S. dollars) this year, the company said Tuesday.

In a statement Petrobras said like other state-owned companies, it has submitted to the government the proposal for its Overall Cost Program and the Annual Investment Budget for 2010.

The budget need to be approved by the Congress.

The number is slightly less than what has been announced by the company before. Brazil's Chief of Staff Dilma Rousseff, who is also the head of the company's Administration Board, said Monday a total of 85 billion reais will be invested.

Petrobras said it will invest 35.7 billion reais (19.4 billion dollars) in exploration and production and 0.75 billion reais (0.41 billion dollars) in biofuels.

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