Brazil's Petrobras to stop taking subsidized state bank loans: CEO [Reuters]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Reuters
Brazil's Petrobras to stop taking subsidized state bank loans: CEO | Reuters 2 Min Read RIO DE JANEIRO (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA ( PETR4.SA ) plans to stop taking loans from public banks at “special rates” to finance projects, Chief Executive Officer Roberto Castello Branco said on Friday. “This cycle in which Petrobras used loans from public banks, with differentiated interest rates to finance its projects, is over,” Branco said in a statement. “We believe that large companies that have easy access to the financial markets do not need to be subsidized with public resources that should be invested in programs in favor of society.” New Brazilian President Jair Bolsonaro has released a list of the 50 largest borrowers at state-controlled development bank BNDES, which showed Petrobras to be the leading recipient of credit lines and equity capital disbursed by the bank. Bolsonaro, a far-right politician who took power this month, has railed about
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