Petrobras CEO says no capital raise before 2030

Petrobras (PBR -1.2%) CEO Maria das Gracas Foster says the company does not expect to issue new shares before 2030, despite last week's deal to obtain additional production rights from the government.

Analysts have acknowledged that the deal essentially granted PBR oil on the cheap, but many, such as Morgan Stanley's Bruno Montanari, also noted that the state-run company has its hands full with an ambitious expansion plan for the coming years.

The CEO reiterates that the deal would increase PBR's 2014-18 investment budget by only 3.5% from the previously stated $220.6B.

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Comments (3)
  • Patent News
    , contributor
    Comments (1474) | Send Message
    this is dumb she cant promise that, she wont be ceo for 16 yrs, duh!
    1 Jul 2014, 01:00 PM Reply Like
  • Patent News
    , contributor
    Comments (1474) | Send Message
    the Brazilians have a bridge to sell you, eh soccer stadium!
    1 Jul 2014, 01:01 PM Reply Like
  • osooro
    , contributor
    Comments (87) | Send Message
    This present sociolistic administration is a road block to PBR. The current president is a nightmare to businesses in Brazil.
    1 Jul 2014, 01:04 PM Reply Like
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