Brazilian state-controlled Petrobras expects its borrowing to reach $13bn this year, around $9bn higher than previously expected. The company made a profit of $96mn in the second quarter, down by 9.4pc compared with a year earlier and 93pc lower than in January-March. Petrobras has cut its cash flow forecast to $27bn for 2017, from guidance of $30bn given in the first quarter, reflecting reduced fuel sales because of an economic recession and competition from third-party imports.
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