Dec. 2 (Bloomberg) -- Petroleo Brasileiro SA’s Chief Executive Officer Jose Sergio Gabrielli said the company may borrow more funds from state-controlled banks to use as working capital, Folha de S. Paulo reported.

Petrobras, as the company is known, will decide whether to obtain further loans depending on whether international credit lines and banks’ official leverage limits return to normal, Folha said, citing Gabrielli.

Petrobras gets as much as $5 billion of credit a year via international markets and resorted to borrowing $2 billion from Brazil’s government-controlled bank Caixa Economica Federal when international credit lines dried up, the newspaper said, citing the CEO.

To contact the reporter on this story: Laura Price in Sao Paulo at lprice3@bloomberg.net

Last Updated: December 2, 2008 06:05 EST