Brazil bank to finance Petrobras
Brazil's national development bank, BNDES, will lend to state-run energy company Petrobras in the next two years, the bank's president Luciano Coutinho said.
Coutinho said the bank would provide the company with loans until it was able to raise cash on its own on international markets where financing is now harder due to the global financial crisis.
Petrobras has an investment plan totaling $174 billion over the next five years, said a Reuters report.
The bank had announced previously it would lend Petrobras $12.5 billion this year and another $10 billion next year but it is still short of $8.9 billion for planned expenditure in the coming year.
Last month Petrobras said it expected to conclude a deal with China for a $10 billion line of credit in exchange for future oil supplies.