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China offers loan for pre-salt exploration in Brazil

(Xinhua)
Updated: 2008-12-09 10:44

BRASILIA -- Brazil has received a US$10-billion loan offer from the Chinese government to explore pre-salt layer oil fields, officials said Monday.

The United Arab Emirates is also negotiating with the Brazilian government on a loan offer, the Brazilian Mining and Energy Ministry said.

The Brazilian government has said its investments in pre-salt oil fields will not be affected by the international financial crisis.

Edison Lobao, Brazil's mining and energy minister, reiterated the need to create a state company to manage the exploration of pre-salt oil in the country.

This will ensure that Brazil gains all the profits generated from the exploitation of the new oil fields, he said.

Pre-salt layer oil reserves in Brazil are estimated at 9.5 to 14 billion barrels of oil equivalent.