(Bloomberg) — Latin America’s biggest oil company will be more cautious about issuing blockbuster dividends as it moves to become a renewable energy powerhouse, Petrobras Chief Executive Officer Jean Paul Prates said in an interview.
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In 10 years about half of Petrobras’s revenue will come from wind, solar and renewable motor fuels — and the company is gearing up to make acquisitions as early as this year to propel the shift, Prates said in a wide-ranging interview. The Brazilian producer also needs to spend heavily on oil exploration at home and abroad to guarantee that it will continue pumping crude for decades.
“We need to be cautious. Shareholders will understand,” Prates said from Bloomberg’s office in Sao Paulo, when asked about an extraordinary dividend payment. “I would be more conservative than aggressive. We are in the middle of this…
