Rio, April 28, 2003 (Agência Brasil - ABr) - Petrobras's investments for the period 2003-2007 will total US$ 34.3 billion -- an annual average of US$ 6.9 billion. This information was furnished by the Financial Director of Petrobras, José Sérgio Gabrielli de Azevedo, during a teleconference for foreign investors. Gabrielli guaranteed that the state-controlled company will give priority to activities in Brazil, which will absorb investments of US$ 29.2 billion. Another US$ 5.1 billion will be invested abroad.

Priority continues to be given to the Exploration and Production sector, which, by itself, should be allocated US$ 22.4 billion, while the Down Stream sector will get US$ 8.1 billion. The financial director admitted that there was a "significant" reduction in investments in natural gas and energy, "notably" in the Thermoelectric Program.

Of the total of domestic investments, 65% will be reserved for purchases on the domestic market. 81% of domestic purchases will be for construction and assembly and for the acquisition of materials. (DAS)