UK Offers $1 Billion Credit Line to Petrobras for Deep-sea Drilling - Report

Date : 07/12/2012 @ 4:15AM
Source : Dow Jones News
Stock : Petroleo Brasileiro S.A.- Petrobras (PBR)
Quote : 9.21  0.0 (0.00%) @ 8:00AM

UK Offers $1 Billion Credit Line to Petrobras for Deep-sea Drilling - Report

Petroleo Brasileiro (NYSE:PBR)
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The U.K. government has offered a $1 billion to credit line to help Brazil's state-owned oil company, Petroleo Brasileiro SA (PBR), or Petrobras, drill for oil and natural gas in the South Atlantic, The Guardian newspaper reports Thursday.

The funding was revealed in the annual report of Vince Cable's export credit guarantee department, despite a warning from the department's own advisors that the deep-sea projects carries significant environmental risks, the paper writes.

Full story: http://www.guardian.co.uk/business/2012/jul/11/petrogras-deap-sea-oil-drilling-funding

Write to Sarah Kent at sarah.kent@dowjones.com




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