Brazilian state oil company, Petrobras, has received a loan of $1.1 billion from Caixa Economica Federal, The Wall Street Journal reports. Petrobras arranged the financing through credit export notes.

The state-run bank had lent Petrobras a similar sum in 2008. Petrobras is planning a share offer in September, which could raise up to $60 billion, with part of the proceeds used in a swap for oil rights to government-held reserves.

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