Brazil's Petrobras to invest $44 billion in 2010

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RIO DE JANEIRO, March 9 (Reuters) - Brazilian state-run oil firm Petrobras (PETR4.SA)(PBR.N) said Tuesday it will invest 79.5 billion reais ($44 billion) in 2010, slightly lower than the figure offered on Monday by a company director.

Petrobras said in a statement it will invest 35.7 billion reais (US$19.9 billion) in exploration and production and 30.8 billion reais ($17.2 billion) in refining and petrochemicals, with the remainder going toward areas such as distribution and biofuels.

The company said that investment plan still had to be approved by Congress.

Dilma Rousseff, a company director who is the ruling party's candidate for presidential elections this year, said in an emotional speech on Monday that the company would invest "something around 85 billion reais" this year.

Petrobras plans to invest $174 billion by 2013 as it taps billions of barrels of oil from deep beneath the ocean floor, but that will likely change if Congress approves a capitalization plan that provides new funding for the company.

The company said it is still discussing the business plan for 2010-2014, which will hinge on the capitalization plan.

http://www.reuters.com/article/idUSN0922846720100309?type=marketsNews

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1. Brazil well on its way to become the #1 oil producer in Latinoamerica

As Mexico and Venezuela lose production capacity, Brazil is emerging as the number one producer in Latin America. Petrobras together with its foreign partners will have their work cut out for them, though, that spending amount is really huge.