Friday, 8 April 2011
Petrobras' domestic debt has reached R$117.9 billion
In addition to these loans, mostly by BNDES (R$36.3 billion), BNDESPar holds R$18.7 billion in Petrobras shares. It also participated in the 2010 capitalisation of Petrobras with R$24.75 billion.
All told, BNDES exposure to the company amounts to about R$80 billion. The finance director of Petrobras, Almir Barbassa, admitted on 29th March that the company will be unable to implement between 10 and 15 per cent of the US$55 billion budgeted for investments this year. Barbassa did note that this is routine.
Petrobras will need more money to finance its new projects, notably in the pre-salt sphere. The company itself mentions US$17 billion by 2014, but market analysts expect plenty more: Crédit Suisse, for instance, projects medium-term requirements of US$25 billion.
While the company's net profit in 2010 was a record US$35 billion, it was disappointing for Crédit Suisse, which expected 11 per cent more. The company's finances bear watching.
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