Petrobras gets $10 billion Chinese loan in oil supply deal
Petroleo Brasileiro SAsecured a $10 billion loan from the China Development Bank as the beleaguered stateowned oil producer endures the worst crude market in a generation and faces more than double that amount in maturities over the next two years.
The lifeline is part of a deal to supply crude to the Asian country, Rio de Janeiro-based Petrobras said in a filing on Friday. The amount of crude that will be supplied wasn't disclosed.
China has invested in oilrich nations to ensure supplies to the world's biggest crude market after the U. S. Similar deals have helped Venezuela fund its ballooning debt. Petrobras has been mired in Brazil's worst- ever corruption scandal just as the Latin American nation goes through a recession, reducing domestic demand, and oil prices are 70 percent lower than in mid- 2014.