LatinNews Daily - 13 July 2022

In brief: Brazil’s Petrobras signs sustainability loan

*Brazil’s state oil company Petrobras has announced it has signed a US$1.25bn loan linked to sustainability commitments. The credit line was agreed with Bank of China, a Chinese majority state-owned commercial bank; Japanese bank holding and financial services company Mitsubishi UFJ Financial Group (MUFG); and Canadian multinational banking and company, the Bank of Nova Scotia. It will be Petrobras’s first sustainability-linked loan. Terms are the deal were not disclosed, but according to Bloomberg, Petrobras will pay a lower interest rate if it improves on key measures of reducing per-barrel emissions of methane and other greenhouse gases, and a higher rate if it misses the goals.

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