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Brazil's Petrobras Plans To Tap Debt Markets In 4Q, But Not In Dollars

Brazils Petrobras Plans To Tap Debt Markets In 4Q, But Not In Dollars
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Τετ, 16 Νοεμβρίου 2011 - 19:04
Brazilian state-owned oil and gas producer Petroleo Brasileiro SA (PBR, PETR4.BR) said it plans to raise new funds from the debt market this quarter, but not in U.S. dollars.
Brazilian state- owned oil and gas producer Petroleo Brasileiro SA ( PBR, PETR4. BR) said it plans to raise new funds from the debt market this quarter, but not in U. S. dollars.

"We're going to raise more this quarter. We don't have a target as this depends on market conditions," the company's Chief Financial officer Almir Barbassa said on a conference call with analysts. "We're talking to banks, export credit agencies and development banks. But we won't go to the dollar market again this year."

Petrobras has a target to raise between $60 billion and $90 billion in the five years starting 2011 to help finance its investment plans.

"We've raised 28 billion Brazilian reais ($15.8 billion) in the first year, up to the third quarter," the financial officer said. "Of this we've amortized almost BRL18 billion, so we've added about BRL10 billion in new cash debt."

Petrobras' current BRL55 billion cash position "is enough to provide a cushion to maintain capex and continue with operations," Barbassa told the analysts.

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