Petroleo Brasileiro SA plans to distribute up to $55 billion in dividends through 2029 as part of its five-year business strategy, reaffirming its commitment to returning cash to investors. Additionally, the company may issue up to $10 billion in extraordinary dividends during this period. Recently, Petrobras approved a payment of 20 billion reais ($3.4 billion) in extraordinary dividends.
The urgency of climate action is underscored as nations navigate commitments under the Paris Accord, with concerns about the credibility of carbon markets and the need for substantial climate finance for developing countries. The disparity in financial support for low and middle-income nations remains a critical issue, as the required funding far exceeds current proposals. The upcoming COP 30 in Brazil will be pivotal in addressing these challenges and reinforcing global climate consensus.
Petrobras has proposed a $111 billion spending plan for the 2025-2029 period, marking an almost 9% increase in investment for new oil drilling and other projects. This proposal, made by the company"s executive office, awaits approval from the board of directors and is set to be released on November 21.
Oil Minister Hardeep Singh Puri announced that major oil-consuming countries are unlikely to experience fuel shortages as producers like the US, Brazil, and Canada increase crude supply. Brazil is set to add 300,000 to 400,000 barrels per day, while the US may contribute an additional million barrels. Puri emphasized the importance of stable crude oil prices for India's economic decisions, given its reliance on imports for over 85% of its oil needs.
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