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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
12/05/201618:20:00Brazil's Petrobras to Raise Gas and Diesel Prices
12/02/201614:52:00Oil Giants Set to Bid on Mexico's Deep-Water Oil Fields
11/24/201621:00:00Saudi Arabia Backs OPEC Push to Make Steep Oil Output Cuts
11/23/201620:20:00Brazil's Petrobras Settles More Individual Shareholder Lawsuits
11/23/201618:48:00Brazil's Petrobras Settles More Individual Shareholder Suits...
11/23/201618:25:00Brazil's Petrobras Settles More Individual Shareholder Lawsuits
11/23/201605:43:00Soros Fund Acquires Shares of Brazil's Petrobras
11/21/201615:40:00Brazil Says 2017 GDP to Be Lower Than Expected
11/21/201615:36:00Brazil Finance Ministry Says 2017 GDP to Be Lower Than Expected...
11/21/201615:25:00Brazil Finance Ministry Says 2017 GDP to Be Lower Than Expected
11/10/201614:30:00Shell Plans to Continue to Invest Heavily in Brazil
11/08/201619:50:00Petrobras to Cut Gasoline and Diesel Prices
10/24/201616:05:00Petrobras, Total SA Create Alliance to Explore Energy Projects
10/24/201603:03:00Business Watch -- WSJ
10/23/201622:10:00Petrobras Settles With Pimco
10/23/201614:54:00Petrobras Settles 'Car Wash' Suits With Pimco, Others
10/21/201609:10:00Petrobras Looks to Sell Stake in Ethanol Producer
10/21/201608:48:00Brazil's Petrobras in Talks to Sell Stake in Sugar, Ethanol Producer
10/14/201609:10:00Brazil's Petrobras Announces New Retail Fuel Pricing Plan
10/13/201608:21:00Petrobras Reports Start-Up of Gasoline-Making Unit at Texas Refinery

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