Petrobras needs no further funding in next two years

Brazilian state-owned oil company has received $5 billion from the China Development Bank (CDB) and needs no further net funding for the next two years. 

Following the execution of the facility agreement with the CDB earlier in December, the Brazilian oil company now received $5 billion from the bank.

The company also said that there is no need for new net funding for the 2017-2018 period, in line with the assumptions set in the 2017-2021 Business and Management Plan.

However, Petrobras added, the company will continue to assess new funding opportunities in accordance with its liability management strategy, which focuses on improving the amortization profile and reducing the cost of debt.

In related news, Offshore Energy Today reported on Monday that the French oil company Total would invest $1 billion per year in Brazil.

The French company and the Brazilian giant are cooperating on upstream as well as downstream projects in Brazil and internationally as per the agreement signed in October this year.

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