Petrobras inks $1.5B funding agreement with China

On May 19, 2015, Brazil’s state-owned company Petrobras has signed a cooperation agreement with the China Development Bank (CDB) for the years 2015 and 2016.

Petrobras says that the deal encompasses funding of $3.5 billion already disbursed and announced in April, and an additional disbursement of $1.5 billion, adding up to $5 billion in 2015.

The agreement was signed by Petrobras CEO Aldemir Bendine and CDB Chairman Hu Huaibang at a ceremony in Brasília.

According to Petrobras, this deal furthers the strategic partnership between CDB and Petrobras, strengthening cooperation between the two countries’ economies.

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