En Español



Very usefull links



PW
Bookstore





Institutional
links


OPEC
\





 



 

 

 

 

Petrobras wants $1 billion China loan ASAP

Bidness Etc

Petrobras seeks $1 billion China loan faster than planned

RIO
Petroleumworld.com 05 10 2016

Brazil's state-controlled oil company Petrobras is seeking a $1 billion loan from the Export-Import Bank of China before originally planned as its debt service costs surge in the coming years amid the worst oil market in a generation.

Petroleo Brasileiro SA, as it is formally known, is negotiating a definitive contract with the Chinese lender after signing a term sheet, the Rio de Janeiro-based producer said Monday in a filing. The financing is tied to equipment and service contracts from Chinese suppliers, and was originally planned for 2017, it said.

The oil producer, which has been mired in Brazil's biggest corruption investigation known as Carwash, has been leaning more heavily on Chinese lenders recently at a time ratings downgrades, the rout in oil prices, and Brazil's recession have led to higher borrowing costs in international debt markets. China has invested in oil-rich nations to ensure supplies to the world's second-biggest crude market after the U.S., and similar deals have helped Venezuela fund its ballooning debt.

In February, Petrobras secured a $10 billion loan from China Development Bank Corp. that is part of a deal to supply crude to the Asian country. The $1 billion loan announced Monday is part of Petrobras' strategy of diversifying its financing sources, it said.



Story by Peter Millard from Bloomberg News.

bloomberg.com | 05 09 2016

Copyright© 1999-2016 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article
.


Write to editor@petroleumworld.com


By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:P.Ohep F. /Producer - Publisher:P.Ohep F./
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2016, Petroleumworld   / Elio Ohep Fitzgerald- All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.