Petrobras Global Finance USD3.5bn 4.375% 20 May 2023 senior unsecured bond
Petrobras Global Finance is a wholly-owned finance subsidiary of Petrobras, and is incorporated under the laws of The Netherlands as a private company. The entity acts as a special purpose vehicle with the sole purpose of raising borrowings in the capital markets globally.
Petrobras was Brazil’s legal monopolist in the oil industry until 1997, and the Brazilian government owns 28.67% of the entity’s total stock and 50.26% of its voting shares (as at 31 December 2016). As at 31 December 2016 Petrobras had proved oil, condensate, and natural gas reserves of 12.5bn barrels of oil. Additionally, in 2016 Petrobras’ average domestic daily oil production represented more than 85% of Brazil’s total.
Petrobras has six primary business segments: exploration and production (24% of total sales); refining, transportation, and marketing (47% of total sales); distribution; gas and power (21% of total sales); biofuels; international.
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