PETROBRAS' finance department will be breathing easier after oil prices rose above $60 a barrel last month. Over the life of the company's five-year $174.4bn business plan (see Figure 1), the Brazilian national oil company forecasts that it will need net borrowings of $25bn, with the rest of the investments being funded by cash flow. The big borrowing would lift the company's debt-to-capitalisation ratio to 35%, from its previous target of 20%. Yet this would still be within the range of an investment-grade company.
展开▼
