Petrobras will concentrate investments in Brazil over the next five years

Petrobras will concentrate investments in Brazil over the next five years, president Pedro Parente said on Tuesday in New York, where he attended a Bradesco BBI event.

“In the next five years, we will focus on Brazil,” he said during a speech at the event. “We will invest outside Brazil only if it is in the context of strategic partnerships abroad. The strategic decision today is to focus on Brazil. ”

Parente emphasized that there is much to be done in Brazil in terms of exploring the pre-salt layer and that the change in the legislation that obliged the company to be the majority in these investments was positive.

For him, the victory of Donald Trump in the American elections will have indirect effects in Brazil. “The country is not commercially exposed to the United States,” he said, adding that “it is too early to assess the impact of the new government.”

Parente added that Brazil has high reserves and a Central Bank competent to act if this is necessary given the volatility that the election generated in the market at first.

Parente also said that Petrobras has an adequate level of provisions to offset eventual labor, tax and judicial obligations, including the actions of investors who charge for losses with the company’s shares in New York as a result of the corruption scandal involving Operation Lava Jato.

Parente said provisions have already been announced to pay investors who have filed lawsuits in New York – R $ 353 million so far. “We have announced provisions only for the agreements we have made, for some of the cases under discussion here in the United States,” he explained.

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