Petrobras to release new strategic plan at year-end, says executive

Kitco Media
By Reuters
Published:
Updated:
Reuters
RIO DE JANEIRO, April 18 (Reuters) - Brazilian oil firm Petrobras has started internal discussions on its new five-year strategic plan, though it will not be unveiled until the end of this year, a senior manager said on Tuesday, adding that sustainability will be a key focus.


"We intend to have internal discussions in order to have the document ready by the end of the year," Mauricio Tolmasquim told journalists in an IBP institute event. Investors expected the company to release a new plan earlier than usual since the current plan - released late last year - differs from the vision of leftist President Luiz Inacio Lula da Silva, who was inaugurated in January. The executive, who heads up strategy and was recently appointed to lead a new department focused on renewable energy, said that the state-run company is late in its transition to renewables but that would be a priority in the new plan. Tolmasquim said that Petrobras will seek to lead the energy transition in Brazil and blamed its tardiness in this area on previous managements. Investments in sustainable energy are inevitable for the petroleum sector, he added, but said that oil would nonetheless remain key to the company. "Petrobras will still have for many years upstream and pre-salt, because it's important to generate resources for the company and for the country. It's not an adventure of going from one activity to another." He echoed previous comment from Petrobras CEO Jean Paul Prates, who has said that while the company will become a powerhouse in sustainable energy, it will still focus on oil production and exploration.
(Reporting by Rodrigo Viga Gaier; Writing by Peter Frontini; Editing by Cynthia Osterman)

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