Petrobras is planning to borrow around $47 billion by 2014, said CFO Almir Barbassa, Bloomberg reports. The company will be required to raise about $17 billion of net debt and plans to refinance about $29 billion of its existing debt in that period.

The company may sell debt in pounds or other foreign currencies, Barbassa added. The Brazilian oil producer is revising its five-year, $224 billion investment plan, as it develops oil fields in Brazil’s offshore pre-salt region.

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