Energy Business

China Still Has Money To Loan Brazil $10 Billion

China_2The economy in China may not be so troubled as some experts say.

The world’s most populated nation would like to loan Brazil $10 billion to develop tremendous new oil fields off its coast which have 50 billion to 80 billion barrels of reserves.

According to the AP, Brazil’s Mines and Energy Minister Edison Lobao said that he had also been approached by the United Arab Emirates, a Japanese consortium, Canadian banks and various foreign oil service companies who want to invest in or work on offshore finds.

Perhaps the US is not in the bidding because of all the money it is spending on bailouts.

Douglas A. McIntyre