Petrobras Turns to China for $10 Billion to Avert Crunch
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What do you do when you’re burdened with the oil industry’s biggest debt, credit is drying up and some of your main suppliers are under the gun? Call China.
Brazilian President Dilma Rousseff’s strategy of turning to fellow BRIC member China to finance the country’s prized state-controlled oil company is paying off as she and Premier Li Keqiang unveiled $10 billion in Chinese credit.