Petrobras to unveil revised capex plan next week, CEO says

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR +0.7%) CEO Pedro Parente says the company will announce a revision to its investment plan next week.

The company’s previous five-year plan for 2017-21 projected capital spending of $74.1B, 25% below the prior five-year plan.

Also, PBR says it obtained a favorable arbitration award related to a rig dispute with its compatriot offshore driller Sete Brasil.

Additionally, PBR said in a securities filing yesterday that it is seeking a buyer for its 50% stake in biodiesel producer BSBios as part of its plan to divest non-strategic assets.

Finally, PBR also disclosed that it received $3B under a $5B loan from China Development Bank.