Brazil oil company Petrobras signs loan, supply deals with China

Associated Press
11/04/09 8:30 AM EST

RIO DE JANEIRO — Brazil's state-run oil company Petrobras says it has signed a $10 billion loan and a separate supply deal with China.

The company says in a Wednesday statement the agreements were signed the day before in China. The tentative deals had been made public in May.

The loan from the China Development Bank Corporation is a 10-year agreement. Terms of the financing were not announced.

Petroleo Brasileiro SA also inked a long-term supply deal with a subsidiary of China's state-run refinery, Sinopec.

Petrobras will ship 150,000 barrels of oil a day to Unipec Asia for one year. It will send 200,000 barrels a day for nine years after that.

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