Petrobras receives second $1 bln credit line from Norway

Tue Jan 15, 2013 9:55am EST

SAO PAULO, Jan 15 (Reuters) - Petrobras has
obtained up to $1 billion in credit to buy equipment and
services from Norwegian companies as the Brazilian oil giant
struggles to improve efficiency and output.
    The Norwegian Guarantee Institute for Export Credits (GIEK)
and Petrobras plan to cooperate over the course of the oil
firms' five-year, $237-billion expansion plan, according to an
e-mailed statement from Petrobras on Tuesday.
    Petrobras' output has fallen for eight straight months
despite embarking on the world's largest corporate spending
program. State-controlled Petrobras produces around 90 percent
of Brazil's oil and natural gas but is struggling to achieve its
goal of becoming one of the top four global producers by 2020. 
    GIEK previously offered Petrobras a $1 billion line of
credit in 2010.
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