Yahoo News: Shell to invest 200 million US dollars in Brazil next year, denies planning to exit country: “In an interview with financial daily Valor Economico, Shell Brasil President Aldo Castelli said Brazil is a key market for the group and is part of the investment and growth strategy of Shell.” (ShellNews.net) Posted 6 Nov 04
SAO PAULO (AFX) - The Royal Dutch Petroleum/Shell group denied it is planning to pull out of Brazil, noting it will invest some 200 mln usd in the country next year.
In an interview with financial daily Valor Economico, Shell Brasil President Aldo Castelli said Brazil is a key market for the group and is part of the investment and growth strategy of Shell.
Shell is Brazil's third largest fuel distributor. It saw its sales grow by 5 pct in the January-September period, but posted a net loss of 632 mln reals in 2003, Valor said. Castelli told Valor that his company is interested in increasing synergies with Petroleo Brasileiro SA, in particular in the gas area. He also dismissed market rumours that Shell wants to retain its minority stake in Cia de Gas de Sao Paulo (Comgas), which is controlled by BG Group PLC (LSE: BG.L - news - msgs). Comgas is a strategic investment for Shell, Castelli said.
http://uk.biz.yahoo.com/041105/323/f619r.html