Brazil's Odebrecht plans $20 billion spend, targets Peru as key investment
By Marco Aquino
LIMA (Reuters) - Brazilian conglomerate Odebrecht ODBES.UL plans to invest $20 billion globally over the next three years, mostly in Latin America and much of it in Peru, the company's chief executive said on Wednesday.
Family-owned Odebrecht, one of Latin America's biggest companies, has businesses in construction, petrochemicals, transportation, oil and gas in 20 countries worldwide.
Chief Executive Marcelo Odebrecht said about 85 percent of overall investments would be made in Latin America.
"The organization is investing this year about $7 billion dollars," he told Reuters.
Odebrecht, which reported total revenues of $43 billion dollars last year, said that outside Brazil its largest investment destination will be fast-growing Peru, which "has many opportunities because there are lots of concessions and public-private partnerships," organized by the government.
Later this year, the company plans to bid in a Peruvian government tender to build a $1.8 billion, 620-mile natural gas pipeline in the south of the country.
Before the government announced the tender, Odebrecht had planned to build its own pipeline along a similar route but ran into financing delays, according to government sources.
"With this tender, which guarantees transparency, the government has resolved the issue of financing gaps," Odebrecht said. Continued...