The U.S. government is prepared to provide up to $10 billion in loans to finance the development of massive hydrocarbon reserves off Brazil's coast, a Brazilian official said Wednesday. resident Barack Obama's national security adviser, Gen. James Jones, discussed the matter with officials this week during a visit to the South American country, Brazilian Planning Minister Paulo Bernardo da Silva told reporters. He said the U.S. Export-Import Bank already has signed a letter of intent in that regard with Brazilian state oil company Petrobras.
The loan is equal in value to a similar credit line agreed to with the China Development Bank, also for exploiting Brazil's "pre-salt" area, so-named because the estimated 80 billion barrels of high-quality crude in that new oil frontier lie far beneath the ocean floor under layers of rock and an unstable salt formation.
Under the agreement with the Chinese state bank, finalized during Brazilian President Luiz Inacio Lula da Silva's visit to Beijing in May, Brazil can repay the loan facility with oil as opposed to cash.
Many here might wonder why Obama would loan 10 billion U.S. dollars to Petrobras to drill for oil off the coast of Brazil when he opposes such drilling here in the United States.
Could it be the $811 million dollar investment that George Soros placed in Petrobras stock in the 2nd quarter of this year? http://www.bloomberg.com/apps/news?pid=20601086&sid=aFHPjfeUvtl8
We cannot drill in the US but in Brazil it is OK
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