Petrobras gets $10B loan from China

Brazilian state-owned oil company Petrobras on Friday signed a term sheet with the China Development Bank (CDB), for financing $10 billion.

According to the state-owned company, the document contains the main terms and conditions for the operation and was signed by the President of Petrobras, Aldemir Bendine, and the President of CDB, Zheng Zhijie, during a ceremony held at the company’s headquarters.

Alongside the signing of the term sheet, the drafts of the financing contracts are already being negotiated, and include the implementation of a trade agreement to supply oil to Chinese companies, in similar terms to the contracts signed by the two parties in 2009, Petrobras added.

This new contract is a result of the cooperation agreement signed by Petrobras and CBD in 2015, when the Prime Minister of China Li Keqiang visited Brazil, aimed at developing partnerships between the institutions during 2015 and 2016.

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