Petrobras Increases Spending on Petchems, Biofuels

Brazil state oil firm Petrobras (São Paulo) will invest a total of $5.6 billion in petrochemicals in the 2009-2013 period, a 30% increase over a previous plan that had called for investments of $4.3 billion during the 2008-2012 period. Petrobras has revised its five year outlook, issuing a 2009-2012 business plan to supplant its  2008-2012 plan, “to take into account the changes in the international macroeconomic scenario and its impact on oil and oil products,” the company says.  Petrobras will also increase spending on biofuels 87%...

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