Japanese boost for brazil

Brazil's state-owned oil firm has been given a multi-million dollar loan from three Japanese banks...

Petrobras has taken out loans to the value of some £552 million to invest in its Henrique Lage Refinery in Sao Jose dos Campos, Sao Paulo.

The firm announced on December 12th that Sumitomo Mitsui Banking Corporation, Mizuho Corporate Bank and the Bank of Tokyo-Mitsubishi UFJ had provided the loans.

Brazzil magazine quoted the firm as saying, "The financing is part of the company's program for fund collection to finance part of its investment projects with the support of traditionally-used long-term financing sources."

Edison Lobao, the Brazilian Minister of mines and energy, told the publication the move was nothing out of the ordinary and said the firm often takes out loans to help cover operating costs.

In other news which could be of interest to those considering buying property for sale in Brazil, Easier property reported last week that real estate hotspot Natal offers an alternative and affordable Christmas holiday property compared to ski resorts.

Source: www.uv10.com