Petrobras will no longer have differentiated interest-rate public bank loans, says CEO

1/21/19

Petrobras President Roberto Castello Branco said the company no longer plans to seek “differentiated interest” loans from public banks, according to the state press’s press office on Friday.

The speech comes after president Jair Bolsonaro publish on Twitter a list of the National Bank for Economic and Social Development (BNDES) with the 50 largest borrowers of the institution since 2004, led by Petrobras, with R $ 62.4 billion , between loans and variable income operations.

“This cycle in which Petrobras used loans from public banks, with differentiated interest, to finance its projects, is over. We understand that large companies that have easy access to financial markets need not be subsidized with public resources that should be invested in programs for the benefit of society, “Castello Branco said, according to the press release.

List of BNDES

BNDES announced on Friday the list of its 50 largest clients and all the operations they have carried out over the past 15 years. Since 2004, they have been among the bank’s five largest clients: Petrobras, Embraer, Norte Energia, Vale and Odebrecht.

Together, these 50 companies have taken in R $ 482.8 billion in loans since 2004. Petrobras leads the list with a value of R $ 62.429 billion, which represents about 13% of the total for the 50 largest clients.

Source: G1

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