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France's Total plans to invest USD 1 bln annually in Brazil

French oil major Total plans to USD 1 billion annually in Brazilian oil projects over a period of several years, reports Reuters.

Total is prepared to spend USD 1 billion annually in Brazil, according to a statement from the oil major's Brazilian subsidiary Total E&P do Brasil's CEO Maxime Rabilloud, reports Reuters.

The news of the coming investments in, for instance, Brazilian infrastructure come after Total entered a deal with state-owned Brazilian oil company Petrobras to acquire assets totaling USD 2.2 billion. Petrobras has been mired in crisis in recent years, due to factors including a large-scale corruption scandal.

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