Didn’t Obama give them $5 Billion for oil exploration?
Pray America wakes
Brazilian oil and natural gas output has stagnated, despite more than $200 billion of investment.
♫ "There's no tellin' where the money went" ♫
Dispelling the Brazil Oil Loan Myth as Obama Heads to Rio
http://www.forbes.com/sites/kenrapoza/2011/03/17/dispelling-the-petrobras-loan-myth-as-obama-heads-to-rio/
The Export Import Bank is a government run bank. It made a preliminary commitment to offer Petrobras $2 billion in April 2009....
On February 4, 2010, the Bank entered into a medium-term credit guarantee facility with Petrobras for $308 million. That means if Petrobras wants, it can go to a bank — in this case it is JP Morgan — and take out a loan for $308 million to buy goods and services from US companies. The Export Import Bank then would guarantee that loan from default, which in turn makes JP Morgan happy because it will not lose money and will make interest on the loan; make Petrobras happy because the loan guarantee means low interest rates on the loan; and it makes the Export Import Bank happy because they can collect fees (undisclosed) and provide a boost to the companies in the US in which Petrobras will do business.
Although the Bank has agreed to guarantee the loan to be made by JP Morgan, the transaction is not operative. That’s a legal term that means no legal documents have been signed by JP Morgan or Petrobras saying that the loan is active. The Bank approved it, but Petrobras has not acted on it for more than one year later....
And didn’t Soros put a bundle of money on Brazil’s oil businesses?