February 27, 2016 / 12:28 AM / in a year

China's $5 bln to $10 bln Petrobras loan may help pay most 2016 debt

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RIO DE JANEIRO, Feb 26 (Reuters) - A loan announced Friday from China to Brazil's Petrobras is for $5 billion to $10 billion, can be paid in cash or oil at China's request and may help pay the bulk of the $12 billion in debt the state-run oil company must repay this year, a source involved in debt talks told Reuters late Friday.

The loan from the China Development Bank was first agreed to in early 2015, and when added to a $5 billion CDB loan made in 2009, increases the bank's debt exposure to Petroleo Brasileiro SA as Petrobras is formally known, to as much as $15 billion the source said. (Reporting by Jeb Blount; Editing by Bernard Orr)

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