Brazilian Oil Loan, George Soros And The Chinese

Brazilian Oil Loan, George Soros And The Chinese — I recently received one of the emails circulating regarding the $2 billion U.S. loan made to the Brazilian state-controlled energy company Petrobras in August.

Sarah Palin harshly criticized the loan at the time which led to comments on Fox News and various blogs. Brazilian Oil Loan, George Soros And The Chinese

The email quoting Glen Beck said the

  • Chinese government is under contract to purchase all the oil that this  field will produce.
  • That we gain nothing from it
  • Obama contributor George Soros profited greatly from it.

The concerns and observations appear legitimate albeit defenders of the loan would take issue with the second point in that the money would be used to buy U.S. made equipment.

With regard to the first point, three months after the U.S. loan, Petrobas signed a $10 billion loan deal with the Chinese in which Petrobas “will increase its sale of crude to Unipec Asia,a unit of Chinese state oil company Sinopec, to 150,000 barrels per day(bpd) in the first year of the agreement and up to 200,000 bpd duringthe subsequent nine years.”

You know, you can use U.S.-made equipment to drill for oil in Alaska and off Florida and the Carolinas and California? Wonder if President Obama ever considered that?

Brazilian Oil Loan, George Soros And The Chinese

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