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Weekly Report - 26 May 2011 (WR-11-21)
BRAZIL: Petrobras prepares to pursue plans without Pdvsa
Brazil's state owned oil company, Petrobras, is decisively moving along its ambitious development plans despite encountering important financial obstacles. It seems that not even having to face expensive joint development projects on its own after its partners fail to deliver on their funding promises throws off Petrobras as the company is confident of securing vast amounts of funding on its own. This being the case, Petrobras has announced that it is prepared to dispense with a strategically important regional partner such as Venezuela's Pdvsa in order to stay on course with its plans.
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