May 19, 2009 / 12:11 PM / 11 years ago

China signs $10 bln loan-for-oil Petrobras deal

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below