Total to invest $1 billion per year in Brazil

PanARMENIAN.Net - Total E&P do Brasil, the local unit of France's Total SA (TOTF.PA), plans annual investments of $1 billion (814.85 million pounds) in Latin America's largest economy, Maxime Rabilloud, who heads the Brazilian operation, told the Monday, December 26 edition of Valor Econômico, Reuters reports.

The decision to expand operations in Brazil comes on the heels of Total agreeing to acquire assets worth $2.2 billion from Brazil's state-run oil company Petroleo Brasileiro SA.

As announced by the companies last week, Total bought stakes in oilfields and thermal power stations from Petrobras as part of the latter company's asset sales programme.

Valor quoted Rabilloud as saying Total and Petrobras will keep in contact regarding the possibility of making other deals and forging future partnerships.