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

Green News



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Marc Almond on Emma Thompson…

“Emma Thompson has arrived in her gas guzzling carbon footprint stomping jet to serve Vegan food from the boat parked on Oxford Circus while the Yoga classes are taking place on Waterloo Bridge! Haha really? Couldn’t make this stuff up.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Miliband’s 19,000 Air Miles Miliband’s 19,000 Air Miles