UPDATE 1-Petrobras secures $2 bln US Exim bank credit line

Wed Apr 29, 2009 10:46pm BST

Quotes

   

(Adds details of the credit line, comment)

SAO PAULO, April 29 (Reuters) - Brazilian energy giant Petrobras (PETR4.SA) (PBR.N) said on Wednesday it obtained a $2 billion credit line from the U.S. Export-Import Bank, the U.S. government's trade financing arm.

Petrobras said in a statement to investors that the loan would be used to source equipment from the United States required for its expansion plans.

The company plans to invest $174 billion from 2009-13 to expand oil output.

Petrobras may tap the credit line for a period of up to two years and has a maximum repayment term of 10 years.

"This approval (of the credit line) reinforces the diverse funding sources Petrobras has to finance its investment plan," Chief Financial Officer Almir Barbassa said in the statement. (Reporting by Marcelo Teixeira; Writing by Elzio Barreto; Editing by Dan Grebler)