BEIJING, May 19 (Reuters) - China on Tuesday agreed to lend $10 billion to Brazil’s Petrobas (PETR4.SA) in exchange for a guaranteed oil supply over the next decade, as Brazilian President Luiz Inacio Lula da Silva wrapped up a visit to Beijing.
The loan will come from China Development Bank, Petrobras said in a statement released in the Chinese capital.
Brazil will guarantee the supply of 200,000 barrels of oil a day to China’s state oil firm Sinopec for the next 10 years, the statement added.
Petrobras and Sinopec also signed a memorandum of understanding on exploration, refining and petrochemicals.
Editing by Keiron Henderson