Daily Journal masthead

Brazil's state-owned oil company has reduced its production targets and investments plans amid a drop in oil prices and a massive corruption scandal

bug
Share/Save/Bookmark

SAO PAULO — Brazil's state-owned oil company has reduced its production targets and investments plans amid a drop in oil prices and a massive corruption scandal.

Petrobras says in a statement released Tuesday night it will invest $98.4 billion between 2015 and 2019. This is almost 24 percent less than its original investment target of $130 billion announced last year.

Petrobras cut its production target for 2020 by 3.6 percent to 2.7 million barrels a day.

Besides the drop in oil prices, Petrobras is the focus of an investigation in which prosecutors allege that over $2 billion was paid in bribes by businessmen to obtain Petrobras contracts. These projects then ballooned in costs. Investigators also have said that some of the money made its way to the governing Workers' Party.

Think your friends should see this? Share it with them!

Story copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow Daily Journal:

All content copyright ©2016 Daily Journal, a publication of AIM Media Indiana unless otherwise noted.
All rights reserved. Privacy policy.