SAUDI ARABIA DECIDES TO ACCEPT BRAZIL CREDIT

  Saudi Arabia has lifted the
  condition it imposed on the sale of oil to Brazil and will
  accept Banco do Brasil's credit guarantees, state-oil company
  Petrobras said in a statement.
      Petrobras cancelled a 40 mln dlr crude oil purchase from
  the Saudis yesterday, after they refused to accept a letter of
  credit from the Bank of Brazil, demanding guarantees from
  leading international banks.
      It advised the Saudis the company would negotiate oil
  purchases elsewhere unless they changed their mind by Monday.
      The 2.2 mln barrels shipment will be made by the Saudis on
  March 24 as scheduled, the statement said.
      Under a 125,000 bpd contract signed in February the Saudis
  agreed to supply oil to Brazil until June.
  

