(Corrects to say 2017 instead of 2019 in headline, paragraph 1)
RIO DE JANEIRO Jan 11 Petróleo Brasileiro SA
expects to spend $19 billion in exploration, production and
refining projects this year, above last year's, signaling that
efforts to reduce debt and preserve cash are helping Brazil's
state-controlled oil company regain investment capacity.
Chief Executive Officer Pedro Parente told reporters at an
event in Rio de Janeiro that fuel pricing policies will strictly
follow market guidelines. Existing cash of about $22 billion at
the start of this week should be enough to allow Petrobras
to undertake activities for two and half years,
Parente and other executives said.
(Reporting by Marta Nogueira; Additional reporting by Roberto
Samora in São Paulo; Writing by Guillermo Parra-Bernal; Editing
by Chizu Nomiyama)