Petrobras (NYSE: PBR) has signed up to a $1bn loan, which will entail the construction of a cogeneration facility in Brazil, as part of an energy efficiency drive by the company.

The Brazilian state-led oil giant signed the agreement with the Japan Bank for International Cooperation for $600m, while Bank of Tokyo-Mitsubishi UFJ Ltd is to contribute $400m.

Petrobras

Some of the funding will be used to build a cogeneration facility at its Comperj refinery, under construction outside of Rio de Janeiro.

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