Government $1bn deal to controversial Petrobras deep-sea oil drilling | Business | The Guardian
The government has committed $1bn of taxpayer's funds to support deep-sea drilling in the south Atlantic, despite acknowledging that the controversial project has "significant potential" to damage the environment. Vince Cable's export credit guarantee department (ECGD) has agreed a $1bn (£637m) line of credit to help Brazil's state-owned oil company, Petrobras, drill for oil and gas. This will be in deeper water than the area in the Gulf of Mexico where an explosion on BP's Deepwater Horizon rig led to 11 deaths and US's the worst environmental disaster two years ago.
11 Jul 2012 18:13
LONDON, July 11 (Reuters Point Carbon) – Later this month the EU is expected to table a proposal to…