Petrobras signed technology transfer agreement with Agip

Sep 25, 1998 02:00 AM

Petrobras of Brazil signed a technology transfer agreement with Agip. The goal is to share their know-how in oil research and development. Agip plans to invest $ 500 mm in Brazil within the next years. It invested R$ 47 mm in the country last year and plans to invest R$ 50 mm this year, besides the $ 233 mm it spent last July to acquire Companhia Sao Paulo de Distribuicao. Petrobras has budgeted R$ 3.8 billion of investments for 1999, but the amount may be reduced due to the world crisis.

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