August 14, 2019 / 9:36 PM / 8 days ago

Brazil's Petrobras to pre-pay Chinese loans, end oil supply obligation

SAO PAULO, Aug 14 (Reuters) - Brazil’s state-controlled oil company Petrobras has pre-paid a loan of $3 billion with China Development Bank, and will also pre-pay in December a second loan worth $5 billion with the same bank, the company said on Wednesday.

Petrobras, or Petróleo Brasileiro SA, said the pre-payments will result in the “termination of the preferential supply obligation of 100,000 barrels of oil equivalent per day to Chinese companies under market conditions and for the same period of the loan.” (Reporting by Marcelo Teixeira)

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