Brazil's President Urges More Petrobras Oil Investment
President Luiz Inacio Lula da Silva says Brazil's state oil company considered scaling back an ambitious investment strategy, but he ordered Petrobras to go ahead with the plan to stimulate Latin America's largest economy.
Earlier this year Petroleo Brasileiro announced it would invest nearly $175 billion from 2009 to 2013 in production, exploration and other activities in Brazil and around the world.
But Silva says he recently learned Petrobras was thinking of earmarking some of those funds for 2015-2017.
He said Friday in a speech that he told the company's president to spend "every cent we can, because we must energize the economy."