Posted on 12/28/2009 3:14:22 AM PST by mgist
U.S. Government to Loan Brazil's Petrobras $10 Billion
The U.S. government is preparing to provide up to $10 billion in loans to finance the development of massive hydrocarbon reserves off Brazil’s coast thought to contain 80 billion barrels of high-quality crude, an amount that could lead to a six-fold increase in Brazil’s current proven reserves and transform that nation into one of the world’s 10 largest oil producers.
RIO DE JANEIRO – The U.S. government is prepared to provide up to $10 billion in loans to finance the development of massive hydrocarbon reserves off Brazil’s coast, a Brazilian official said Wednesday.
President Barack Obama’s national security adviser, Gen. James Jones, discussed the matter with officials this week during a visit to the South American country, Brazilian Planning Minister Paulo Bernardo da Silva told reporters.
He said the U.S. Export-Import Bank already has signed a letter of intent in that regard with Brazilian state oil company Petrobras.
The loan is equal in value to a similar credit line agreed to with the China Development Bank, also for exploiting Brazil’s “pre-salt” area, so-named because the estimated 80 billion barrels of high-quality crude in that new oil frontier lie far beneath the ocean floor under layers of rock and an unstable salt formation.
Under the agreement with the Chinese state bank, finalized during Brazilian President Luiz Inacio Lula da Silva’s visit to Beijing in May, Brazil can repay the loan facility with oil as opposed to cash.
According to the government’s projections, the pre-salt reserves – located at a depth of up to seven kilometers (4.3 miles) below the ocean surface in an 800-kilometer by 200-kilometer area – could eventually lead to a nearly six-fold increase in Brazil’s current proven reserves of 14 billion barrels and transform that nation into one of the world’s 10 largest oil producers and a major crude exporter.
Petrobras plans to invest close to $29 billion through 2013 to develop the pre-salt deposits in which the company already holds concession rights.
Petrobras is projecting that some 1.3 million barrels per day can be extracted by 2013 from the pre-salt fields and 1.8 million bpd by 2020.
The Tupi field, which is believed to contain between 5 billion and 8 billion barrels of oil and was the first to be exploited in the pre-salt region, is considered to be the largest hydrocarbon discovery in the Americas in the past 30 years.
Other large oil and natural gas fields were later found nearby, also under a thick bed of salt.
But Brazil has been forced to seek external financing because the fields pose an enormous technical and financial challenge due to the depth and thickness of the salt and the drastic changes in temperature as the oil is brought to the surface.
Acknowledging that Petrobras alone is not capable of developing the massive pre-salt reserves, Brazil announced in May that it will invite international oil companies to bid for concessions in that region beginning next year.
The country had previously halted the sale of concessions after the massive finds were made.
Petrobras, an integrated energy company and the global leader in deepwater oil exploration and production, operates in 27 countries in the Americas, Africa, Asia and Europe.
Shares of Petrobras, Brazil’s largest corporation, trade on the Sao Paulo, New York, Madrid and Buenos Aires stock exchanges, but the Brazilian government retains control through a golden share.
But I thought carbon is pollution? And global pollution, in the sense that it doesn’t matter where it’s sourced or consumed.
So what’s the difference between developing evil sources of carbon in Brazil and... I don’t know... IN OUR OWN COUNTRY????
Gearge Soros made another booty call?
Soros pays US democrats big money to shut down US Oil drilling.
Democrats give cheap loans for $10 billion to George Soros’ Petrobras to drill for Brasilian oil.
If “The Media” was anything other than democrat party propagandists, there would be widespread exposure of this massive criminality, with arrests and convictions to follow.
http://www.politico.com/pdf/PPM130_petrobras_fact_sheet.pdf
Very interesting. Explains why this was a 2 Billion dollar giveaway. Someday the crap is going to hit the fan and this stuff will come to light. Soros and Obama seem to be taboo in the Orwellian world of Google and MSM.
DRILL, BAMBINO, DRILL!!!
What the hell is 10 billion dollars, we saved so much by NOT giving S.S. a COLA this time around, any queers out there that need some funding, we got plenty of moooola!
In a normal world this would be an investigative reporters wet dream.
http://www.exim.gov/brazil/pressrelease_082009.cfm
http://www.bloomberg.com/apps/news?pid=20601086&sid=aogq9sBiBhYo
So the American taxpayer is subsidizing offshore oil drilling...in Brazil. Why is it good for them and not for us?
I wonder if Obama and Soros could share a prison cell once convicted. They could spend their time reminiscing about the good ole days...when they raped America.
Evidently the China Development Bank gave cheap loans($10 billion) to Soros also.
Although this article doesn't mention it, The Brazil Development Bank loaned about $14 billion as well as about $5 billion from international banks.
Think about it, all these investors giving all this money to Soros.
And the real kicker is, as mentioned in the article, this amount raised thus far(about $31 billion) takes the project only into 2013. So how much more money will investors have to give to Soros?
I first posted here about this subject on Oct. 27, 2009.
See>
http://www.freerepublic.com/focus/news/2371664/posts
This is the reward by one of Obama’s recent appointee’s for Brazil’s Lula. What is it for? It is for helping to re-impose Zelaya in Honduras. (fellow commie dictator)
Sarah Palin was persecuted by the press for even mentioning it, but this is what was happening.
It would have continued but the negative coverage got so bad that the Obamanista’s had to back away.
FIXED IT-
I first posted here about this subject on Oct. 27, 2009.
See Post #32>
http://www.freerepublic.com/focus/news/2371664/posts
This is the reward by one of Obama’s recent appointee’s for Brazil’s Lula. What is it for? It is for helping to re-impose Zelaya in Honduras. (fellow commie dictator)
Sarah Palin was persecuted by the press for even mentioning it, but this is what was happening.
It would have continued but the negative coverage got so bad that the Obamanista’s had to back away.
Let me get this straight. The US government borrows from China, and loans to Brazil. Am I missing something?
Only the part where we should be drilling right here in this country and using the oil to pay China back for the loans we have taken out.
The problem is that you and I and most Americans see the obvious and our political leaders are feeding us a long line of Carbon Bullsh**.
Because Lord Soros has directed the puppet "president" 0bama that it shall be done.
Because Lord Soros has directed the puppet "president" 0bama that it shall be done.
(sorry for the extended italics in the first iteration)
I can almost hear Soros laughing...
follow the white rabbit...
http://www.discoverthenetworks.org/individualProfile.asp?indid=977
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