US Export-Import bank loans Brazil $ 3 bn for oil and World Cup

Mar 21, 2011 12:00 AM

The US government's export credit agency has authorized $ 3 bn in financing for Brazil, including $ 2 bn for the Brazilian government-managed oil company Petrobras.
“Brazil is one of the main priorities of the Exim Bank,” said the organization's chairman and president, Fred Hochberg.

The remaining $ 1 bn will be for infrastructure projects, Hochberg told businessmen at a conference in Sao Paulo.
The loans will cover projects related to development of Brazil's offshore oil fields, as well as projects related to the 2014 World Cup and 2016 Olympics.

The Exim Bank has previously provided funding to facilitate US exports of goods and services to Brazil. In 2009, Petrobras signed a letter of intent with the Exim Bank on a $ 10 bn financing package.
The US is a key export market for Brazilian crude oil, and output is expected to soar as the pre-salt reserves are developed. Brazil's vast pre-salt oil and natural-gas reserves lie beneath 2 km of the Atlantic Ocean and a farther five km below sand, rock and a shifting layer of salt.

The pre-salt areas are estimated to hold between 50 bn and 100 bn barrels of oil, enough to turn Brazil into one of the world's top five producers of crude oil.
The announcement comes a day after the visit of President Obama who confirmed the US wants to become Brazil’s main trade partner and client of the pre-salt deposits.

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