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Petroleo Brasileiro Petrobras SA To Borrow $20 Billion In FY 2013-Reuters


Wednesday, 10 Apr 2013 10:20pm EDT 

Reuters reported that Petroleo Brasileiro Petrobras SA would borrow $20 billion in fiscal 2013, 63% above its planned five-year average, as stagnant revenue and fuel subsidies increase the need for debt to finance investment. The borrowing will come from local and international sources and include bank loans and bonds. In the Company's $237 billion 2013-2017 strategic plan, announced last month, the Company planned to borrow an average of $12.3 billion for each of the five years of the plan. While fiscal 2013 debt target is 20% below fiscal 2012 borrowing of about $25 billion, the continued above average level shows the difficulties Petrobras faces trying to meet conflicting goals of the government, its main shareholder.