From Bloomberg: Petroleo Brasileiro SA, Brazil’s state-controlled oil company, is holding talks with China about financing its expansion plans amid a global credit crisis that has prompted banks to reduce lending.
“Conversations with a number of funding sources, including the Chinese development bank, are ongoing,” Petrobras investor relations manager Theodore Helms said. The company plans to invest about $30 billion this year, with about half that amount going to Brazilian exploration and production projects, he said. …. Full Article: Source