Petrobras to sponsor Rio Paralympics

Brazilian state-run oil giant Petrobras has agreed to pay 3.25 million US dollars to secure marketing rights for the Rio Paralympic Games, the company said on Wednesday.

The deal means Petrobras will be an official sponsor of the Sep. 7-18 event.

The Rio de Janeiro-based company will be able to use the Paralympic Games brand for television and social media campaigns.

Petrobras will also be allowed to display its logo at Paralympic venues and set up a stand at Olympic Park.

The announcement is welcome news to organizers, who have been forced to make budget cuts amid funding shortfalls as Brazil suffers its worst recession in decades.

Petrobras, which is also struggling with financial difficulties and a sprawling corruption scandal, said the funds would come from its annual sports budget.

Other Paralympic Games sponsors include Toyota Motor Co, BP Plc, Visa and Samsung.

Source: XINHUA