Brazilian oil giant announces new financing agreements
24/12/2008 17:19
Oil and gas giant Petrobras announced yesterday the extension of financing
agreements signed with two state-owned banks earlier this year.
According to
the state-owned company, two agreements with the Banco do Brasil, which were
signed in the first half of 2008 and due in the first half of 2009, have been
pre-paid and renewed with a new due date in 2011. The total amount involved in
the agreements was two billion reais (US$840 million).
Petrobras also said
that it has paid in advance the funds it raised in late October with Caixa
Economica Federal. The agreement was renewed for a total amount of 3.6 billion
reais (US$1.28 billion), and the due date was also set for early
2011.
Petrobras was recently said to be in financial trouble. The company
denied the speculation, however, saying its financing increased because of the
global financial crisis and a restriction of credit in the international
market.
Petrobras decided last week to postpone of the release of its
2009-2013 business plan for a fifth time, citing the board of directors'
inability to properly evaluate the plan due to market
uncertainties.
Xinhua
|
