MercoPress. South Atlantic News Agency
Financial aid from Brazilian government for scandal-hit Petrobras
Petrobras plans to invest some 220 billion dollars over the next five years to develop offshore oil fields, but capital markets could be put off by the scandal Brazil's government is wrapping up a financing plan for Petrobras aimed at ensuring the scandal-hit state-controlled oil giant can obtain the funding it needs for its massive investment program.
Mines and Energy Minister Edison Lobão told reporters on Thursday that details of the plan could be unveiled in the coming days.
The plan would involve the sale of bonds backed by Brazil's Treasury and 9 billion Reais (some 3.46bn dollars) that state-controlled electric utility Eletrobras owes Petrobras for fuel purchases.
Petrobras, which plans to invest some 220 billion over the next five years to develop promising offshore oil fields, could have difficulty tapping capital markets next year because a massive corruption scandal has led the company to delay issuing audited financial results, according to reports from private-sector banks.
The company has hired two external auditors to analyze the extent of the losses stemming from the scandal, in which Petrobras executives and political parties allegedly received kickbacks from construction firms that formed a cartel to overcharge for contracts.
Two former Petrobras directors and senior executives of a dozen private-sector engineering companies that won construction contracts have been arrested in connection with the scandal.
The abrupt fall in global oil prices also could hurt Petrobras' balance sheet and impede its ability to raise funds, although the company says its deep-water fields in the Atlantic Ocean are profitable with crude prices as low as 40 dollars a barrel.
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Read all comments”The plan would involve the sale of bonds backed by Brazil's Treasury and 9 billion Reais (some 3.46bn dollars) that state-controlled electric utility Eletrobras owes Petrobras for fuel purchases.”
Dec 12th, 2014 - 10:00 am 0So Electrobras wasn't paying Petrobras for the electricity it had used.
Just like TMBOA hasn't paid Uruguay for the electricity it has used and is STILL using and the stupid fucking government are still supplying it.
Vasquez will sort it: he'll be out of money otherwise. 'No Money Pepe' managed to spend the money Vasquez left him in the treasury last time AND give away millions to the lazy 'poor' NOT to work.
And gasoline will not lower price?
Dec 12th, 2014 - 10:45 am 0Oil prices fell 50%, in Brazil the price of gasoline and diesel rose by 5%.
Even with the devaluation of 21% of the real against the dollar, Petrobras in a few months will cover all previous losses on fuel subsidies granted by the government.
It's time for Petrobrás becomes full again?
https://www.youtube.com/watch?v=TMU6NTJIjxk&index=1&list=FLmXPTu1f8AdGlizWNiASx2A
Any news yet on Petrobras financing the political campaign of Evo Morales?
Dec 12th, 2014 - 04:38 pm 0Commenting for this story is now closed.
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