Petrobras is alert to menance of US/Iraq war

31/01/2003 - 21h57

Rio, February 3, 2003 (Agência Brasi - ABr) - The president of Petrobras, José Eduardo Dutra, affirmed in Rio de Janeiro that the company is alert to various possible scenarios in the case of a war between the United States and Iraq. Nevertheless, he pointed out that the situation of the state enterprise in Brazil is far more comfortable than that of nearly all developing countries, as well as that of the United States and Japan. According to him, this is the result of Petrobras's increases in production. Dutra said that, since the last Gulf war, in the '90's, fuel consumption has grown 48% in Brazil, while production has grown 150%. Net fuel imports, which used to be 48%, are now arouund 10%. Although he did not disclose the numbers, Dutra affirmed that the company possesses operational reserves in the event of a conflict. He admitted that the situation may present future complications, but Petrobras is alert and will keep the government informed. (DAS)