With the Company's growth and with the expansion of its business, Petrobras has been engaged in exploring all funding opportunities offered by the financial market.
In this context, in addition to what it already did traditionally, Petrobras has been negotiating and hiring operations with financial institutions in the local market. In June 2010, Petrobras signed a long-term Export Credit Note (ECN) operation worth R$2 billion with the Caixa Econômica Federal (CEF), at attractive fees and conditions compatible with those of the market.
The company is in a comfortable cash position, and the operation falls within Petrobras' ordinary course of activities. Petrobras points out that its everyday business is disclosed in its quarterly balance sheet.
