Brazil's state-controlled Petróleo Brasileiro S.A. - Petrobras said March 18 that it has settled its export credit notes with Banco do Brasil SA, amounting to 7 billion Brazilian reais, due in 2022.

Petrobras said the transaction follows its resiliency plan and liability management strategy that aims to improve amortization and debt.

As of March 18, US$1 was equivalent to 3.81 Brazilian reais.