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11-05-2008
Petrobras, an icon of new Brazil
| Next year Petrobras will start etracting oil from Tupi, off the Brazilian coasts, a field that is estimated to nest 8 Billion barrels of crude. Contrary to Russsian producers, that have largely cashed from the increase in oil pice without diversifying in other industries, Petrobras is now concentrating on refinery activities, in a shift that signals the potential drop from current peaks in crude prices. Refinery activities have higher margins than extraction and integrating downstream would be of paramount importance for bigger producers, should oil price start dropping. Petrobras is a whitness of how emerging economies can avoid the risk of miopic startegies that do not build on long term sustainable development. |