March 20, 2012 / 11:04 AM / 5 years ago

STXNEWS LATAM-Shareholders approve Petrobras budget for 2012

Shareholders of Petrobras, Brazil's state-run oil company, approved late on Monday a proposal by management to invest up to 58.81 billion reais ($32.5 billion) on its own operations and those of subsidiaries. Petrobras will fund those investments with 55.51 billion reais worth of its own funds, and 3.3 billion reais from other funding sources, a statement said.

About 59 percent of the capital spending budget will be earmarked to exploration and production, 33.1 percent to distribution and 5.42 percent to gas and energy, the statement added.

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