Rio, 11 (Agência Brasil - ABr) – With 90% of its operations in Brazil, Petrobras says it intends to expand internationally. That will not only diversify its portfolio and generate a cash flow in strong currencies, but also translate into reduced capital costs and ease in raising capital. It will also mean a more competitive company. Francisco Gros, Petrobras president, says the firm raises capital for reduced time terms at double the cost of other international enterprises.

In 2001 Petrobras invested US$400 million abroad, where it now holds reserves of almost 1 billion barrels of oil, 77% located in Bolivia. Investments abroad should rise to US$7.5 billion by 2005. The international expansion will occur in West Africa, the US coast of the Gulf of Mexico, and in Latin America. (AB)