Petrobras Signs $5B Chinese Financing & Oil Supply Deal

Source: Reuters 12/16/2016, Location: Asia

Petr?leo Brasileiro SA (Petrobras) has signed definitive terms for a $5 billion, 10-year financing agreement with China Development Bank Corp and an oil supply accord with Chinese companies, as the Brazilian state-controlled oil company seeks to secure a stable stream of revenue and funding for the coming years.

In a securities filing, Petrobras said the financing deal was signed Thursday.

It also agreed to sell 100,000 barrels of oil per day for the next decade to China National United Oil Corp, China Zhenhua Oil Co Ltd, and Chemchina Petrochemical Co Ltd subject to "market conditions", the filing said.


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