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Petrobras (Bovespa: PETR3/PETR4, NYSE: PBR / PBRA, Latibex: XPBR / XPBRA, BCBA: APBR / APBRA) informs that the Board of Directors (BOD), approved today, the revision of the project portfolio for the 2011-2014 period, with total investments of up to R$ 250 billion, instead of the R$265 billion approved during a previous meeting and announced in a statement on March 19 2010.
The Board also approved a set of projects that total investments of about R$ 462 billion for the post-2014 period. These projects were appraised based on a preliminary view, and in line with Petrobras´ Vision for 2020. It should be noted that part of the post-2014 investments represent the development of projects that are already included in the 2010-2014 portfolio but have maturity time longer than the 5-year Business Plan, most of them on exploration and production segment.
In the Exploration & Production (E&P) area, the investments aim to increase oil and natural gas production, taking advantage of the success that was achieved in the post- and pre-salt (subsalt) and also the exploratory activities. The E&P project portfolio includes the construction of production platforms and drilling rigs, support vessels, and investments in infrastructure for transportation.
In Refining, Transportation, Marketing (RTM), and in petrochemicals, the investments will be made to increase the production of derivatives to meet the growing demand in the domestic market, adding value to the oil produced, increasing the Company's margins, and also allowing for oil products and petrochemicals exports. Investments will also be made to improve the quality of the products, meeting both international and environmental standards.
For the Gas & Energy area, the goals are to diversify and flexibilize sources of supply of Natural Gas to use the associated gas produced in the pre-salt. In the fertilizer area, investments will be directed to supply the large Brazilian agricultural potential with increasing demands for fertilizers, aiming to increase the scale of production, company earnings with gas production, and to ensure additional demand for the input.
The Plan also provides for investments in infrastructure to transport the ethanol production, consolidating the internal biodiesel market with competitive alternatives with regard to soybeans, with new biodiesel and ethanol plants. Therefore, the Company intends to participate in the domestic productive chain of ethanol and biodiesel, in the development of international markets in a ive manner, prioritizing feedstock coming from family farms in a sustainable manner.
2011-14 After 2014 TOTAL
Exploration and Production 153.6 401 554.6
RTC anc Petrochimical 79.0 58 137.0
Natural Gas and Fertilizers 17.0 3 20.0
Biofuel 0.216 - - 0.216
TOTAL 249.8 462 711.8
The investments are in line with Petrobras Strategic Plan, which foresees integrated growth, with profitability and social and environmental responsibility. They must also meet a financing analysis that limits the Net Debt/EBITDA index at 2.5 and net leverage ratio below 35%.