MercoPress. South Atlantic News Agency
Petrobras receives financial support from China and local banks
Brazilian state-run oil company Petrobras approved a series of financial agreements with local and international banks that will meet its financing needs in 2015, the company announced. In a filing with local stock regulators, Petrobras said that the deals will provide the company with access to about 6.2 billion dollars, including a 3.5bn financing contract reached with China Development Bank on April 1. Read full article
Comments
Disclaimer & comment rulesHahahaha
Apr 22nd, 2015 - 06:43 am - Link - Report abuse 0The Chinese really must dislike USA :)))
@1 STEVIE SUPA TUPA
Apr 22nd, 2015 - 06:54 am - Link - Report abuse 0Ha ha ha ha...
One of SA largest STATE-RUN, oil-producing companies, in an oil/gas rich continent, cannot support itself on its own revenues due to massive corruption and incompetence, - and needs a foreign bailout!!
- sure says something about the success of your system, Stevie !!!
Well, Petrobras is cut off from global capital markets.
Apr 22nd, 2015 - 07:09 am - Link - Report abuse 0All western measures to keep hegemony.
And then comes Russia and China.
Bloody party crashers...
;)
3 SUPA TUPA
Apr 22nd, 2015 - 07:35 am - Link - Report abuse 0Yes, thanks for proving my point - NOT VIABLE - need foreign bailout!!
And what company doesn't in order to make investments?
Apr 22nd, 2015 - 07:42 am - Link - Report abuse 0Is that why your respective debts are so darn low?
Tree? Glasshouse?
Throw?
@5 SUPA TUPA
Apr 22nd, 2015 - 07:57 am - Link - Report abuse 0“Tree...”??
As in, “money doesn't grow on trees...”??
The STATE-Run, corrupt and incompetent, 'money pit' of Petrobas is NOT VIABLE and they need a BAILOUT!
Western investors see it as a BAD RISK to invest.
Let China invest, but you will have to pull your socks up when it's time for them to collect, or else!
Meanwhile, Chinese 'experts' will take over the key positions in the operation, and Brazil will lose it all - the company and the oil/gas commodities!!
The West is sitting back to watch.
Your countries need bailouts each and every year, to cover fiscal decifits, what's your point?
Apr 22nd, 2015 - 08:14 am - Link - Report abuse 0China's loan terms are great, so regardless what, we're better off with them.
The west can watch as much as it needs.
When did Petrobas get “cut off from global capital markets”?
Apr 22nd, 2015 - 08:40 am - Link - Report abuse 0Last year... You even read the article?
Apr 22nd, 2015 - 09:18 am - Link - Report abuse 0Nope.
Apr 22nd, 2015 - 11:39 am - Link - Report abuse 0Please find it for me.
I'd be very interested in reading about how it was “cut off”.
Up until now I was working under the impression that due to Petrobas' inability to prince up to date financial records, that sources of finance that operate under commercial consideration had declined to provide capital.
That's not “cut off”. That is an inability to raise capital.
The fact that Petrobas was able to raise money shows that it wasn't “cut off”. It just had to find sources of money that could reply on th Brazilian taxpayer as the final guarantor.
What can I say.... Scroll up?
Apr 22nd, 2015 - 11:46 am - Link - Report abuse 0And if you read even more one the same page (this one, but up, up), you'll might realize that the runding comes from China and Brasilian bank, as in not global capital markets.
Give me a shout if you encounter difficulties understanding your language...
China is the lender of last resort.
Apr 22nd, 2015 - 12:02 pm - Link - Report abuse 0My guess is PBR will be delisted and the B gov't will have to nationalize it after bankruptcy.
Fraud charges will be brought against its Exec Team and Billions upon Billions in compensation will be due from the company.
The court cases and SEC investigations are just starting..
This is not near done.
@1, 3, 5, 7, 9, 11.
Apr 22nd, 2015 - 04:20 pm - Link - Report abuse 0And so you continue to divert and refuse proper debate.
So what you now have is a number of 'deals' in which, what, 'local' sources provide US$2.7 billion while China Development Bank is providing the Dilma & Lulu US$3.5 billion 'cut'. Have to hurry. Impeachment, or assassination, is in the middle future.
http://www.ibtimes.co.uk/brazil-petrobras-scandal-spreads-economic-toll-mounts-1497622
Apr 22nd, 2015 - 04:25 pm - Link - Report abuse 0Tens of thousands of Brazilian workers have taken the latest hit in a multibillion dollar corruption scandal involving state oil company Petrobras, as a wave of job losses since November follows intensifying probes into price-fixing, bribery and political kickbacks.
As the scale of events has deepened in recent months, key infrastructure projects have been suspended or scrapped, some suppliers have sought bankruptcy protection and job losses are mounting. Nationally, Brazil shed payrolls for a third straight month in February, bringing job losses over the past year to 47,228.
I bet BRASSO is pissed off, he said DumbAss Dilma and the chief crook Lula would use government money to support it!
Apr 22nd, 2015 - 06:57 pm - Link - Report abuse 0Oh, dear, the government don't have any money the PT took it all and gave a lot of it to Lula.
Morte de Lula em 2015! :o)
Bahahaha
Apr 23rd, 2015 - 09:15 am - Link - Report abuse 0Now we know why Petrobas needed “financial support”. It has US$116 BILLION in debt.
Debt Stevie says it will never pay back.
So Petrobas gets money and releases its books all within 24 hours.
So much for being “cut off”.
http://www.cnbc.com/id/102610938
Apr 23rd, 2015 - 12:56 pm - Link - Report abuse 0The executive alleged to investigators that for nearly 10 years, Petrobras contracts were routinely padded by 3 percent, with the extra money used for bribes and kickbacks. Much of that money was supposedly funneled to the country's ruling political parties.
If the earnings report is deemed credible by markets, the next step will be to convince investors that the company has a plan to establish a positive cash flow. Petrobras started a borrowing binge years before the price of oil began plunging in 2014, and it quickly became the most indebted company in the world.
I think;
The audit will not be deemed credible.
The price of PBR is being manipulated by the Brazilian Gov't
They will be delisted
So much for “we are all Chavez” Stevie's ideological experiments...
Apr 23rd, 2015 - 01:43 pm - Link - Report abuse 0Remember the Libor rates? Whole Europe paying for the banks?
Apr 23rd, 2015 - 04:24 pm - Link - Report abuse 0See, we deal with corruption by removing it, while you guys.... well, you perceive...
The Petrobas scandal to South America is like an iceberg......5 percent is showing...the vast remainder is submerged.
Apr 23rd, 2015 - 04:43 pm - Link - Report abuse 0Why don't you go home sweet stevie. You know supporting the commies in SA from Europe is tantamount to the CEO of Aerolineas Argentina(I can't blame him) only flying LAN, the CEO of KIA driving a Ford, the CEO of Apple using a SG6.....shall I go on with the analogies??
@ 19 Breakdowns R Us
Apr 23rd, 2015 - 05:34 pm - Link - Report abuse 0DBank are to pay the US and the UK U$D 2.5 Bn for the Libor debacle.
Do SA HAVE U$D 2.5 Bn between them?
Ask you mate, 'No Money Pepe' and see what the answer is.
Ha, ha, ha.
How can more massive debt to China possibly be construed as a 'good thing' ? And almost 50, 000 new unemployed to be supported from the Public Purse?
Apr 24th, 2015 - 12:55 am - Link - Report abuse 0Yep, these socialists truly love the poor. They keep creating more of them!
22 ilsen
Apr 24th, 2015 - 03:31 am - Link - Report abuse 0It's a “good thing” for now...
Ten years from now, when most of these politicos are retired or have left office, it will interesting to hear the clamour that arises as projects are not built, employment is no better, and bills are coming due...
Are you guys perceiving again?
Apr 24th, 2015 - 06:22 am - Link - Report abuse 0Please explain guzz?
Apr 24th, 2015 - 10:45 am - Link - Report abuse 0Stevie doesn't understand simple math or basic concepts don't bother trying to explain complicated subjects to him.
Apr 24th, 2015 - 08:21 pm - Link - Report abuse 0My cat has a better understanding of the free market than he ever could.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!