June 12, 2019 / 12:08 AM / 2 months ago

Petrobras to boost five-year investment plan to $105 billion: CEO

FILE PHOTO: Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil May 27, 2019. Picture takenn May 27, 2019. REUTERS/Sergio Moraes

SAO PAULO (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA, or Petrobras, plans to invest $105 billion within five years and divest up to $35 billion in the same period, Chief Executive Roberto Castello Branco said on Tuesday.

The figures, cited during a hearing at the lower house of the Congress, surpass the $84.1-billion investment plan for 2019-23 announced by Petrobras at the end of last year, before he took the position of CEO.

The divestiture figure is also higher than the $26.9 billion previously disclosed by the oil company.

The CEO’s remarks come just a week after Brazil’s Supreme Court ruled that state-run firms do not need congressional approval to sell off their subsidiaries, a decision seen as a major victory for Petrobras and the government of President Jair Bolsonaro.

Reporting by Roberto Samora; writing by Gabriela Mello, editing by G Crosse

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