Hydrocarbon Processing Copying and distributing are prohibited without permission of the publisher
Email a friend
  • Please enter a maximum of 5 recipients. Use ; to separate more than one email address.



Petrobras to maintain some Argentine operations

05.23.2013  | 

Petrobras didn't plan to fully withdraw from operations in neighboring Argentina despite confirmation of its interest in selling some assets there. Elsewhere, the company plans to hold on to its Pasadena refinery in Texas, but admitted that the operation could be part of divestment plans in the future.

Keywords:

By GERALD.JEFFRIS

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 undergoing problems.

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 future.

However, she said Petrobras' current outlook for its operation in the US market was positive.

Dow Jones Newswires



Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.

J. Adriaan Venter
05.24.2013

Ms Foster is to stick to her "Guns" she is on the right track and should focus on ultra-high-return-ROI packages for the moment. Medium and relative low ROI packages should be paid deposits on, and kept in the kitty for at least another three years until markets has boiled itself out into a better perspective.

Related articles

FEATURED EVENT

Boxscore Database

A searchable database of project activity in the global hydrocarbon processing industry

Poll

Should the US allow exports of crude oil? (At present, US companies can export refined products derived from crude but not the raw crude itself.)


83%

17%




View previous results

Popular Searches

Please read our Term and Conditions and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2013 Hydrocarbon Processing. © 2013 Gulf Publishing Company.