RIO DE JANEIRO: Ratings firms have expressed concern about a Brazilian government decision to sell billions of dollars worth of offshore oil rights to Petrobras, saying the move will weigh on the state-run oil company’s cash flow and creditworthiness.
Petroleo Brasileiro SA, as the company is formally known, was awarded on Tuesday the rights to explore four offshore fields off Brazil’s southeast coast believed to contain an estimated 5 billion to 9 billion barrels of oil.
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