March 20, 2020 / 12:51 PM / 17 days ago

Brazil's Petrobras drawing $8 billion from credit lines

SAO PAULO, March 20 (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA has asked to draw $8 billion from its revolving credit lines, the company said in a securities filing on Friday.

Petrobras, as the oil company is known, said the bank loans will improve its liquidity amid the coronavirus pandemic and extreme volatility in oil prices. Other measures to improve cash flow, including cutting expenses, are under consideration, Petrobras added. (Reporting by Tatiana Bautzer and Roberto Samora Editing by Brad Haynes)

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