Petrobras of Brazil presents a five-year business plan worth $111 billion, with $10 billion in additional dividends

According to a Securities filing, the Brazilian state-run company Petrobras announced Monday that it had proposed a $111 billion plan to its board for 2025-2029.

The filing stated that the business plan allows ordinary dividends starting at $45 Billion for the period and up to $10 Billion in extraordinary dividends.

The proposed plan is about $9 billion more than the previous plan, which was for 2024-2028. It includes $77 billion in exploration and production, compared to the $73 billion allocated for the previous plan.

The report also outlines $20 Billion for the Refining, Transportation, Marketing, Petrochemicals and Fertilizers segments, with a projected production of 3.2 Million barrels of oil equivalent per day.

If confirmed, the amount would keep Petrobras as Latin America's top crude oil producer.

Petrobras is under pressure from President Luiz inacio Lula da Silva to invest to grow the Brazilian economy and create local jobs.

reported last month,

citing sources

The plan will reduce investments for 2025 compared to the previous plan.

Petrobras didn't provide any details in its Monday filing about the planned investment for each year.

Petrobras' board will discuss its proposed business plan this Thursday. Reporting by Andre Romani, Sao Paulo; Fabio Teixeira, Rio de Janeiro. Editing by David Alire Garcia & Les Adler.

(source: Reuters)