Petrobras able to bankroll its 2015 operations after deals with banks

Petrobras able to bankroll its 2015 operations after deals with banks

San Francisco: Petrobras is able to bankroll its operations and investments for the rest of this year, after securing more than $3bn in deals with financial institutions, the state-run energy giant announced on Monday.

When combined with a platform sale and leaseback arrangement, the company will have access to more than $6bn.

The news is timely, coming just two days before the scandal-plagued firm is due to release long overdue financial details for the second half of 2014.

“These financial operations, together with others executed this year, will meet the company’s financing needs for 2015,” Petrobras said.

Petrobras has had liquidity problems since a huge bribes-for-contracts case erupted around its dealings with contractors, foreign companies and domestic politicians.

Among the financial bodies involved in these deals are Banco de Brasil, which is putting up 1.48bn in export financing for a six-year period.

The platform sale and leaseback deal, worth $3bn, is with Standard Chartered Bank for a 10-year period.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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