Petrobras

Department for International Trade written question – answered on 2nd March 2017.

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Photo of Barry Gardiner Barry Gardiner Shadow Minister (Department for Business, Energy and Industrial Strategy) (Energy and Climate Change), Shadow Secretary of State for International Trade

To ask the Secretary of State for International Trade, what discussions he has had with his counterpart in Brazil on whether UK export finance provided to Petrobras in the last five years has been used for the purpose intended.

Photo of Greg Hands Greg Hands The Minister of State, Department for International Trade

Since 2012, UK Export Finance (UKEF) has applied all due diligence procedures to the loan guarantee provided to Petrobras to finance the purchase of goods from UK exporters.

Before UKEF provided its support to Petrobras, it carried out anti-bribery due diligence in line with the OECD Recommendation on Bribery and Officially Support Export Credits (2006 OECD Bribery Recommendation).

Any drawdown from the loan must be supported by evidence that goods have been delivered or services performed in accordance with the original contract.

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