Petrobras Plans to Borrow $47 Billion by 2014, CFO Says
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Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, said it’s seeking to borrow about $47 billion by 2014 as it develops the Americas’ largest crude discovery in three decades.
Petrobras, as the Rio de Janeiro-based company is known, will need to raise about $17 billion of net debt and plans to refinance about $29 billion of existing debt in that time, Chief Financial Officer Almir Barbassa said today in Sao Paulo. The company, which has ruled out additional dollar-denominated bond sales this year after a $6 billion issue in January, may sell debt in pounds or other foreign currencies, he said.