RIO DE JANEIRO: A Chinese loan of up to $ 10000000000 to Petrobras could almost all of its $ 12 billion in bonds payable in 2016 will be due, in their struggle to the oil company pressure easing, to secure their finances problems of assets and reduction government spending revenue.
The credit line Petroleo Brasileiro SA, the state oil company Petrobras is officially known, is the China Development Bank and announced on Friday. It is from $ 5000000000 $ 10 billion and may be paid in cash or oil demand from China, a source in the debt negotiations told Reuters involved.
Petrobras has in bonds $ 130 million, it is the most indebted oil producer in the world and one of the most heavily indebted non-financial companies in the world.
"The loan commitment of China and Petrobras will increase a long way to go, the $ to pay 12000000000000, which expires this year," the source, who can not be identified said requested because permission to speak publicly about the loan is not was granted.
A huge prices, corruption and start a new political scandal that arrests in Brazil to produce further and abroad led to record losses and value Petrobras in 2014. The evaluation of the quality of the debt before the investment has been reduced as a result of "junk", access to limit to capital markets and the increased financial expenses.
Brazilian oil, met in turn by lower oil prices, was forced to sell assets and cut spending by about half postpone investments in new giant discoveries offshore and contribute to exacerbate the crisis fuel consumption in Brazil in more than a century.
Petrobras Brazil has long been the largest company and the largest investor, with investments in infrastructure over the government until recently.
The conditions of the China Development Bank similar to a 2009 agreement in which Petrobras guarantees the delivery of up to 200,000 barrels of oil per day to China's state oil company Sinopec for 10 years, Petrobras said.
The new loan comes at a time when Petrobras debt and difficulty increases a sales target of $ 14 billion fortune this year address the concerns that have to make deeper cuts.
Further cuts are likely to increase the production of oil and unemployment limit, needed to pay future obligations of the company. In addition, they put tens of billions of dollars in risk government charges on behalf of the development and improvement of health care and education to promote.
President Dilma Rousseff invested 15 Politics January long government say that it did not comment on the injection of new capital into the oil company under siege, a move that could alleviate the debt problems and the investments Petrobras weaken the finances of a government whose debt was lowered to junk status.
While the new loan a significant increase in China's commitment to Petrobras, the exact amount of exposure of the China Development Bank is not clear. China has agreed to lend Petrobras up to $ 15 million if the loan is for 10 years in 2009, the source said.
provided 15 million including $ 5 trillion to $ provided by the Development Bank of China last year to a subsidiary of Petrobras year in the Netherlands A Petrobras spokesman said the new loans in China increased commitmen
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