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Petrobras signs $5 billion Chinese financing and oil supply deal
December 16, 2016 / 10:50 AM / 9 months ago

Petrobras signs $5 billion Chinese financing and oil supply deal

A worker paints a tank of Brazil's state-run Petrobras oil company in Brasilia, Brazil September 30, 2015. REUTERS/Ueslei Marcelino/Files

SAO PAULO (Reuters) - Petróleo Brasileiro SA (Petrobras) (PETR4.SA) has signed definitive terms for a $5 billion (4.01 billion pound), 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.

Reporting by Guillermo Parra-Bernal; editing by Jason Neely

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