Brazil Consolidates Leadership in Argentina Oil Investing US$ 2 Bi

Brazilian state-run oil company Petrobras's Argentine unit Petrobras EnergÀ­a SA "plans to invest more than US$ 2 billion over the next five years in Argentina" and start this year exploring oil on Argentina's territorial sea, Petrobras EnergÀ­a new Director General Carlos Fontes said.

"We will continue consolidating Petrobras presence in Argentina because the company has come to stay and to contribute to the economic and social development of the country, with the due respect for its cultural identity," Fontes is quoted in Buenos Aires press reports.

Petrobras in 2002 bought Perez Companc, Argentina's largest private oil company, and has invested more than US$ 900 million not only in existing operations in Argentina but also in new projects such as the expansion of its gas stations network and the launching in the Argentine market of it Podium gas brand, the first 100-octane brand.

Petrobras sources were quoted as saying that the company has already consolidated as one of the leaders in the Argentine market and ranks among those with the best image.

Fontes, who took office on January 1st, said that his management will seek to pursue the goals of his predecessor Alberto Guimarães, who has been appointed head of Petrobras' US unit Petrobras America Inc.

Petrobras last year took the first steps together with Argentina's state-run Enarsa oil company for the offshore exploration in Argentina's territorial sea.

Petrobras is a world leader in offshore exploration, something that has allowed Brazil to attain self-sufficiency in oil supplies.

The Brazilian company last week entered the select group of world companies with a market value over US$ 100 billion.

Mercopress

Tags:

You May Also Like

Brazil Accepts Paraguay’s Demand and Pays US$ 21 Million a Year for Energy

Brazil’s President Luiz Inácio Lula da Silva went to Montevideo, where he participated in ...

Brazil’s Small Businesses Grow Modest 1.9% in 2005

The year of 2005 was, on average, positive for micro and small companies in ...

For Minister, High Interests and Low Dollar Are Hurting Brazil

During a breakfast press conference on Thursday, December 8, Brazil’s Minister of Development, Industry ...

LETTERS

The first cases of AIDS in Brazil were diagnosed in São Paulo and Rio ...

A Cinematic Sensibility

Rich and powerful to the point of arrogance, when it cannot beat the competition, ...

Brazilian Queen Lee in the Apple

After more than a decade without playing in New York, Rita Lee and her ...

The U.S. and Exchange Rates Do Not Scare Brazilian Exporters

Brazilian exports are going to rise despite seasonal factors like exchange rates and the ...

A Booming Brazil? Just Another Myth Created by the Press

The international media is infatuated with the Brazilian economy. Almost every week there is ...

Brazil Earmarks US$ 1.8 Million for Stem Cell Research

Following the approval of the Biosecurity Law last week, the Brazilian government announced that ...

Brazil Expecting the World from Lula’s Visit to Japan

The Japanese government is looking forward to Brazilian President Luiz Inácio Lula da Silva’s ...