Petrobras receives funding from China in exchange for oil

19 December 2016

Brazil’s Petrobras signed a contract for financing in the amount of US$5 billion valid for ten years with the China Development Bank, the oil company said in a statement.

Simultaneously, the company signed another contract also valid for ten years, with China National United Oil Corporation, China Zhenhua Oil Co and Chemchina Petrochemical to supply 100,000 barrels of oil per day.

The Brazilian oil company also announced last week it increased oil production by 2% in November to 2.23 million barrels of oil per day.

At the beginning of December Petrobras announced plans to dispose of assets worth US$4 billion and added that it will be able to reach the figure of US$15.1 billion outlined in its disinvestment plan for 2015/2016.

To date the company only disposed of assets worth US$10.7 billion, with five deals suspended by court order, because of a corruption case in which Petrobras is involved. (macauhub)