White House Weighs In on Petrobras Deal

It took awhile, but the Fox White House unit obtained some White House reaction to the Export-Import Bank's announced loan of $2 billion in financing for offshore drilling to Brazil's state-owned petroleum company, Petrobras.

At today's briefing, Press Secretary Robert Gibbs had no details or evaluation of how the deal would advance US economic or trade interests. Fair enough, it's a relatively obscure loan and not as topical as health care, the Afghanistan election, Scotland's release of the Lockerbie bomber or talks this with Egyptian President Hosni Mubarak or Jordan's King Abdullah this week on Middle East peace.

And for those, like us, who were new to the story, it's worth noting it's been hiding in plain sight for months.

Here is a link to the first story I could find on Petrobras and the Ex-Im Bank:

Here is the first press release on it:

Here is a July 29 release on Ex-Im travel to Brazil

We will provide a link to an Ex-Im Bank "fact sheet" below, but first this White House take provided by National Security Council spokesman Ben Chang.

"The Ex-Im loan money will go to finance Petrobras' oil drilling projects in the newly found off-shore "pre-salt" reserves. The funding will ensure U.S. companies benefit by providing support services and equipment to these projects.

Working with Brazil offers a wide array of opportunities for energy cooperation well beyond oil. Such cooperation is not only good for U.S. companies, but also helps to develop further a stable and reliable energy supplier.

Expanding cooperation with Brazil -- as exemplified by out Biofuels Memorandum of Understanding - is one of the cornerstones of our bilateral relationship, and has led to deepening ties, expanded research into clean and renewable sources of energy and joint initiatives to provide energy assistance to oil-dependent nations in the region and Africa."

Here is Ex-Im Bank "fact sheet" on the Petrobras deal

Lastly, here is a separate take on the 2007 memorandum of understanding on the US-Brazil biofuels deal