Petrobras Boosts Braskem Commercial Credit Limit to R$2.35 Billion
Petrobras agreed with Braskem to raise the petrochemical firm’s commercial credit limit for raw-material purchases from R$350 million to R$2.35 billion. The deal runs through Dec. 31, covering invoices issued during that period and backed by fiduciary assignment of receivables of about R$1 billion monthly. It was signed the same day Braskem filed for out-of-court reorganization in São Paulo; Petrobras is a state-owned shareholder and its largest feedstock supplier.