http://www.bloomberg.com/apps/news?pid=20601086&sid=aogq9sBiBhYo
Petrobras May Borrow $5 Billion From U.S. Ex-Im Bank (Update2)
By Helder Marinho and Joshua Goodman
July 30 (Bloomberg) — Petroleo Brasileiro SA said it may more than double its borrowings from the U.S. Export-Import Bank to as much as $5 billion, following a $10 billion loan from China.
Petrobras, as the state-controlled oil company is known, may increase the loans from $2 billion now, Chief Financial Officer Almir Barbassa said today at a press conference in Rio de Janeiro. The initial loan made in April was an “opening amount,” Fred Hochberg, president of the U.S. bank, said earlier today in an interview in Rio.
“The Export-Import Bank met yesterday with Petrobras, and it offered more resources to the company,” Brazilian Energy Minister Edison Lobao said at the press conference.
Investment in Brazil’s oil industry is expected to surge to more than $200 billion over the next five years, buoyed by spending on the Americas’ largest oil find since 1976. Petrobras in February secured $10 billion in financing from the China Development Bank Corp.
China replaced the U.S. as Brazil’s biggest trading partner this year, after the global recession choked sales to the U.S. The Chinese bank, which plans to open an office in Rio de Janeiro next year, has also agreed to lend $800 million to Brazil’s state development bank, known as BNDES.
The U.S. and Chinese loans will help Petrobras pay for part of its $174 billion, five-year investment plan to expand output.
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Just heard a few minutes ago on KSFO 560 San Francisco.
A listener emailed Lee Rodgers and indicated that he found on Bloomberg, information that George Soros owns a large portion of the stock in the company that Obama is going to loan our dollars to for oil exploration. I cannot seem to find the information but maybe somebody with more experience searching than I can find it.
That is just sickening!