Got money: Petrobras' Finance Director Almir Barbassa
Petrobras gets money for investment plan
Brazil's state-run giant Petrobras has secured financing to cover its aggressive $174 billion investment plan through 2013, financial director Almir Barbassa said.
"(Financing) is sufficient for the company through 2013 at current prices," Barbassa told reporters at a news event. "The plan is perfectly executable and it will bring us growth in all sectors. We are very comfortable."
Financing secured by the company includes 25 billion reais (US$12.81 billion) from Brazil's BNDES development bank, $6.5 billion from a pool of banks, $2 billion from the US Exim Bank and $10 billion from the China Development Bank, a Reuters report said.
The company will be able to direct some of its hefty cash flow to projects as well.
After being downgraded by some risk agencies recently, Petrobras was working to reduce exploration and production costs in Brazil's pre-salt oil reserves that could hold 100 billion barrels of oil deep under the ocean floor, Barbassa said.