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Brazil Energy Min: Petrobras To Invest $500 Million In Argentina In 2012

BRASILIA -(Dow Jones)- Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, will invest $500 million in Argentina this year in an effort to boost production, Mines and Energy Minister Edison Lobao said Friday. Lobao and Argentine Planning Minister Julio de Vido spoke with reporters after a meeting in Brazil's capital, and included Petrobras Chief Executive Maria das Gracas Foster. Lobao said that Petrobras invested about the same amount in Argentina last year. The meeting took place after Argentina's Neuquen province revoked a concession held by the local affiliate of Petrobras, known as Petrobras Argentina SA (PZE, PESA.BA). Argentina's top oil-and-gas-producing provinces have revoked a number of concessions in recent weeks as President Cristina Kirchner tries to force energy companies to invest more in production and exploration. The country also is in the process of expropriating a 51% stake in national oil company YPF from Spain's Repsol (REP). De Vido also said Friday that he will meet with other oil companies next week, including U.S. oil majors Chevron Corp. (CVX), ExxonMobil (XOM), Conoco Phillips (COP) and China's Sinopec. The minister, who will take over as head of YPF under Argentina's nationalization plan, declined to give any details about the meetings. Brazil, however, "trusts" its relationship with the Argentine government and doesn't see any risk that Petrobras's assets in the country will also be nationalized, Lobao said. The investments planned by Petrobras are aimed at boosting the company's share of the Argentine market to 15% in coming years, up from about 8% currently, Lobao said. -By Jeffrey T. Lewis and Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; Jeff.Fick@dowjones.com

Stock News for Petroleo Brasileiro (PBR)
DateTimeHeadline
06/24/201607:59:00Petrobras Announces Extension Of The Expiration Date, Increase...
06/17/201603:03:00Brazil's President Denies Corruption As Minister Quits -- WSJ
06/16/201620:19:00Brazil President Michel Temer Says Graft Claims Are 'Lies'
06/16/201619:34:00Brazil President Michel Temer Says Graft Claims Are 'Lies'
06/16/201603:03:00Graft Plea Hits Brazil Leader -- WSJ
06/15/201616:56:00Brazil's Interim President Michel Temer Linked to Corruption...
06/15/201608:00:00Petrobras Announces Extension of the Expiration Date of Offer...
06/09/201616:19:00Wife of Suspended Brazilian Lower-House Speaker Eduardo Cunha...
06/08/201618:22:00ADRs End Mostly Higher; Bradesco, Petrobras Rise
06/08/201607:40:00Brazil's Vale Raises $1.25 Billion from Overseas Bond Issue
06/02/201618:19:00ADRs End Mostly Higher; Petrobras Rises
06/01/201608:51:00Petrobras Announces Early Tender Results And Early Settlement...
05/31/201608:30:00Petrobras Board Names Pedro Parente As New CEO
05/26/201615:10:00Bristow Sees Drop in Energy-Related Work, May Cancel Helicopter...
05/26/201615:00:00Bristow Sees Drop in Energy-Related Work, Might Cancel Some Helicopter...
05/26/201608:51:00Petrobras Reports Unit Shutdown at Texas Refinery
05/20/201603:03:00Brazil's Troubled Oil Giant Gets New Leader -- WSJ
05/19/201620:35:00Pedro Parente to Replace Aldemir Bendine as CEO of Petrobras
05/19/201613:30:00Brazil's Temer Plans to Ask Pedro Parente to Head Petrobras
05/19/201603:02:00Finance Watch -- WSJ

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