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Brazil's Petrobras says its value could increase by almost half by 2021

NEW YORK/RIO DE JANEIRO, Dec 4 (Reuters) - Brazilian state-run oil firm Petrobras expects to increase its equity value by roughly 45% by 2021, in large part by cutting costs and divesting non-core assets, it said in a presentation released on Friday.

Capital expenditure from 2020 to 2024 will be concentrated in Brazil's offshore "pre-salt" formation, with a special emphasis on its Buzios field, Petroleo Brasileiro SA, as the firm is formally known, said.

(Reporting by Rodrigo Campos and Gram Slattery Editing by Chizu Nomiyama)