BRASILIA -- Petrobras remains well financed and isn't facing
cash flow difficulties as suggested by some market rumors,
its president said.
Responding to questions from lawmakers on a Brazilian
congressional committee, Petrobras President, Ms.Graca Foster
said company initiatives to raise cash didn't indicate it was
Petrobras has a cash reserve of $20 billion, she said. "This
information isn't correct."
The executive said that a recent $11 billion bond sale by the
company was aimed at more growth and investment, and not at
meeting pending obligations.
Additionally, she said Petrobras didn't plan to fully
withdraw from operations in neighboring Argentina despite
confirmation of its interest in selling some assets there.
Regarding operations in the US, Ms. Foster said that for the
present the company planned to hold on to its Pasadena refinery
in Texas, but admitted
that the operation could be part of divestment plans in the
However, she said Petrobras' current outlook for its
operation in the US market was positive.
Dow Jones Newswires