Brazil's Petrobras signs 10-bln-dlr Chinese loan accord

Brazil's state-run oil group Petrobras said Thursday it has signed a contract permitting the first payment from a 10-billion-dollar loan from China to help it finance upcoming investments.

By Space Travel Editorial Team · Editorial process

Published November 3, 2009

Brazil's state-run oil group Petrobras said Thursday it has signed a contract permitting the first payment from a 10-billion-dollar loan from China to help it finance upcoming investments.

The credit, offered by the China Development Bank, will underwrite Petrobras' developments up to 2013.

It is conditioned on Petrobras supplying oil to the Chinese refining company Sinopec over the next decade, starting with the first tranche of the loan.

Under those terms, Petrobras will export 150,000 barrels of oil a day to the Unipac Asia subsidiary for the first year of the agreement and 200,000 barrels a day for the rest of the contract.

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