Brazil’s Petrobras takes on loan from the Exim Bank of China

10 May 2016

Brazilian oil company Petrobras has taken on a loan of US$1 billion earlier than planned from the Export-Import Bank of China, the company said in a statement issued Monday.

In the statement, the oil company said “negotiation of the definitive financing contract has begun, which brings forward the fund raising plans for 2017.”

The agreement is related to contracts to supply equipment and services, already signed by Petrobras with Chinese suppliers, to meet the company’s projects included in the 2015-2019 Business and Management Plan.

Last February, the company took on a loan of US$10 billion from the China Development Bank under a deal that includes the paying the debt off using oil deliveries.

This new loan is part of Petrobras’ strategy to diversify its funding sources, according to a statement on the company’s website. (macauhub/BR/CN)