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U.S. to upgrade Petrobras

August 11, 2009

A friend and I discuss this development. S/S: The U.S. actually has $10 billion to give away? Friend: Petrobras needs $10 billion?

‘The U.S. government is prepared to provide up to $10 billion in loans to finance the development of massive hydrocarbon reserves off Brazil’s coast, a Brazilian official said Wednesday. President Barack Obama’s national security adviser, Gen. James Jones, discussed the matter with officials this week during a visit to the South American country, Brazilian Planning Minister Paulo Bernardo da Silva told reporters. He said the U.S. Export-Import Bank already has signed a letter of intent in that regard with Brazilian state oil company Petrobras. The loan is equal in value to a similar credit line agreed to with the China Development Bank, also for exploiting Brazil’s “pre-salt” area, so-named because the estimated 80 billion barrels of high-quality crude in that new oil frontier lie far beneath the ocean floor under layers of rock and an unstable salt formation.’

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