UK Taxpayers’ £245 Million Loan to Corruption-Hit Brazilian Oil Firm

PETROBRAS

Scandal-hit Brazilian oil company Petrobras received £250 million from the UK taxpayer last year, extending its credit line to over £1.1 billion. While loans to companies buying British goods is fairly standard practice, the government decided to extend Petrobras’ line of credit after it became embroiled in a huge corruption and bribery scandal that led to the impeachment of President Dilma Rousseff. What’s worse, the state-owned company has had a plummeting credit rating in recent months, with Moody’s giving them a rating of B3 and the Wall Street Journal calling them “the World’s most indebted oil company”. What could go wrong?

H/T Greenpeace Energy Desk



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