Petrobras said to secure $1.8B loan for refinery

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR -0.5%) borrowed 4B reais ($1.8B) in a 17-year loan from Banco Bradesco to help pay for work on the Abreu e Lima refinery in Brazil, Reuters reports.

PBR reportedly will pay annual interest of 9.5% plus Brazil's TR minimum savings remuneration rate.

Abreu e Lima, far behind schedule and costing more than 4x original estimates, is expected to cost $20B by the time it reaches full operating capacity of 235K bbl/day in mid-2015.