Petrobras Signed Term Sheet with CDB

Source: www.gulfoilandgas.com 2/26/2016, Location: South America

Petrobras has signed a Term Sheet with the China Development Bank (CDB), for financing of US$10 billion. The document contains the main terms and conditions of 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, which include the implementation of a trade agreement to supply oil to Chinese companies, in similar terms to the contracts celebrated by the two parties in 2009.

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

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