China Development Bank (CDB) entered into a US$10 billion finance deal with Brazil’s Petrobras that will see Petrobras supply oil to Chinese companies.
The contract is a result of the cooperation agreement signed by Petrobras and CBD in 2015, when the Prime Minister of China Li Keqiang visited Brazil, aiming to develop partnerships between the institutions during 2015 and 2016, Petrobras said.
In addition to the signing of the term sheet last week in Brazil, the drafts of the financing contracts are in the process of being negotiated, and mirror the terms of contracts between the two entities from 2009.
The 2009 contract, which was also for $10 billion, included a deal for Brazil to provide about 200,000 b/d to China’s Sinopec over 10 years.
In October, Petrobras and the Industrial and Commercial Bank of China Leasing(ICBC) inked a 10-year, $2 billion finance lease on two existing platforms, the P-52 and P-57. The deal was part of a cooperation agreement signed in May 2015 to create a long-term relationship between the two companies.
Image from Petrobras.
AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week