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November 5, 2009

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Petrobras seals deals with China

BRAZIL'S state-run oil company Petrobras says it has signed a US$10-billion loan and a separate supply deal with China.

The company says in a statement yesterday the deals were signed on Tuesday in China. The tentative deals had been made public in May.

The loan from the China Development Bank Corp is a 10-year agreement. Terms of the financing were not announced.

Petroleo Brasileiro SA also inked a long-term supply deal with a subsidiary of China's top refinery Sinopec.

Petrobras will ship 150,000 barrels of oil a day to Unipec Asia for one year. It will send 200,000 barrels a day for nine years after that.


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