Brazilian oil company Petrobras has concluded negotiations with the Industrial and Commercial Bank of China Leasing for a loan of US$2 billion, the company said Tuesday in a market statement.
According to the statement issued by the Securities Commission (CVM), Petrobras reported the loan has a term of 10 years and was based on a “lease structure.”
Petrobras also said this operation was a result of the cooperation agreement for creation of a long-term relationship between Petrobras and the Industrial and Commercial Bank of China (ICBC), signed during the visit of Chinese Prime Minister Li Keqiang to Brazil in May 2015.
The Brazilian oil company noted that the loan was part of a financial strategy to diversify funding sources. (macauhub/BR/CN)