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Brazil’s state-controlled oil giant Petrobras announced a 31% increase to its five-year investment plan in a major shift away from the cost-control strategy that had prevailed under previous management.
The first budget since President Luiz Inacio Lula da Silva returned to power rose $24 billion to $102 billion, the company said in a filing Thursday. It is the largest spending plan that Petrobras has released since 2015. The company said the increase is related to new projects, including potential acquisitions, as well as costs inflation and maintaining assets that the previous management planned to sell.
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