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Saturday, 23 January 2010

Qatar May Invest in Petrobras Refinery Project

Qatar may invest in a refinery joint venture with Petroleo Brasileiro SA, Brazil’s state-controlled oil company, the South American country’s Energy Minister Edison Lobao said.

Qatar is also interested in investments in oil exploration in Brazil, Lobao said yesterday in an interview in Brasilia.

Qatar, the world’s biggest exporter of liquefied natural gas, is spending billions of dollars to diversify its economy with acquisitions of stakes in London-based lender Barclays and carmaker Volkswagen AG. Rio de Janeiro-based Petrobras is spending $174.4 billion through 2013 to boost output by more than half and develop offshore fields such as Tupi, the largest discovery in the Western Hemisphere since Mexico’s Cantarell.