Development Bank of China grants loan to Petrobras in Brazil

16 June 2015

Brazilian oil company Petrobras Friday received a loan of US$1.5 billion from the Development Bank of China, the group said in a statement on its website.

The group also said that the deal was carried out through its 100 percent subsidiary Petrobras Global Trading BV and the agreement for the loan was signed on 20 May last.

With this new loan, so far this year the Petrobras group has contracted loans from the China Development Bank in the amount of US$5 billion under the terms of a bilateral cooperation agreement for 2015 and 2016.

On Friday the group also issued bonds with a maturity of 100 years, which is very rare, to try to raise US$2.5 billion.

This bond issue in dollars is the first that the group has carried out since March 2014, according to Thomson Reuters, when it issued bonds in six instalments worth a total of US$8.5 billion. (macauhub/BR/NC)