Petrobras draws down $3.5bn

01 April 2015, News Wires – Petrobras has signed up for a first $3.5 billion tranche from a debt facility agreed with the China Development Bank (CDB), the Brazilian oil company announced.

Petrobras’s new financial director Ivan Monteiro signed the loan agreement during a visit to China this week, and outlined plans to tap the facility again in the near future. The loan will be issued in the 2015-16 period and is part of a co-operation agreement between the two entities.

Faced by tighter credit conditions now than has been the case in recent years, Petrobras is laying the ground for a rationalised version of its colossal investment plans in May or June.

– Upstream

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