S\u00e3o Paulo \u2013 The Brazilian oil company Petrobras has become the company with the second highest market value in the world, after having promoted a fundraising operation aimed at structuring out the oil drilling in the pre-salt layer. The state-owned enterprise received an inflow of approximately US$ 70 billion, after which its market value reached US$ 220 billion.<\/p>\n
According to the Brazilian minister of Finance, Guido Mantega, only the United States-based company Exxon is worth more than Petrobras. Exxon has an approximated value of US$ 290 billion. This Friday (24), during the launch of Petrobras’ public offering of stock in S\u00e3o Paulo, Mantega claimed that the company’s size will enable its investment plan.<\/p>\n
As Petrobras’ capital increases, so does its debt capacity. Thus, according to the minister of Finance, it should be able to raise the US$ 224 billion required for structuring out pre-salt layer exploration. "With more capital in its hands, the company can obtain more loans and work in a less leveraged way," he explained. "The fundraising still leaves the company with US$ 25 billion to invest."<\/p>\n
The minister also stated that these investments should drive the risk of a so-called "Dutch Disease" away from the country for good. The term is used to describe excessive dependency from certain countries on exports of their natural resources, such as oil.<\/p>\n
"Petrobras is now one of the country’s leading development agents. A significant share of its investment is aimed at stimulating the domestic industry," said the minister. "The curse of petroleum has been driven away from Brazil," he finished off.<\/p>\n
*Translated by Gabriel Pomerancblum<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
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