Watching Government
Change in Brazil

The Brazilian government is breathing new life into the nation's energy industry.Petroleo Brasileiro SA recently announced it would invest $20 billion over 4 years in a drive to make the country self-sufficient in oil production by 2003.That would require boosting production from the current 1.13 million b/d to 1.75 million b/d.Petrobras would invest up to $4 billion this year and $6 billion in 2000. Funding shortages forced Petrobras to cut its 2000 production target from 1.5 million b/d to 1.3 million.Meanwhile, the government plans to trim its 84% ownership of Petrobras to 51% by the end of the year, if stock market conditions improve.And the government is on track to fully deregul...

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