Petrobras Gets Brazil’s Congress Approval to Swap Shares for Oil
By Maria Luiza Rabello
June 10 (Bloomberg)
Brazilian Senators approved today a bill that allows state-controlled Petroleo Brasileiro SA to issue new shares in exchange for the rights to explore government-owned oil reserves off Brazil’s coast.
Petrobras, as the company is known, plans to buy up to 5 billion barrels of oil with new stock and raise up to $25 billion from minority investors in the Western Hemisphere’s largest share sale in more than a decade. The sale will help fund as much as $220 billion of spending through 2014, the world’s biggest oil-industry investment program.
Source: businessweek.com
By Maria Luiza Rabello
June 10 (Bloomberg)
Brazilian Senators approved today a bill that allows state-controlled Petroleo Brasileiro SA to issue new shares in exchange for the rights to explore government-owned oil reserves off Brazil’s coast.
Petrobras, as the company is known, plans to buy up to 5 billion barrels of oil with new stock and raise up to $25 billion from minority investors in the Western Hemisphere’s largest share sale in more than a decade. The sale will help fund as much as $220 billion of spending through 2014, the world’s biggest oil-industry investment program.
Source: businessweek.com
