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CHINA TO SECURE FUTURE OIL SUPPLY WITH $10 BILLION LOAN

Published：2016-03-23

 

Deepwater Navigator NS-23 Drilling Ship Working for Brazilian Oil Company

 

Brazil's state-run oil company Petroleo Brasileiro, or Petrobras, said it had agreed on the terms of a deal to obtain US$10 billion (US$14 billion) in financing from China Development Bank (CDB). Petrobras, the world's most indebted oil company, said in a securities filing the agreement included supplying Chinese companies with fuel, similar to a deal reached in 2009. That year, Petrobras secured a loan of US$10 billion from the Chinese bank in return for oil supply.

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