Brazil signs loan for oil deal with China

摘要

Brazilian state oil company Petrobras has agreed to supply a total 107.5 million mt of crude oil to China's largest refiner Sinopec over a period of 11 years under a term supply contract signed in Beijing. The agreement was made between Petrobras and Sinopec's wholly-owned oil trading subsidiary Unipec. rnThe deal stipulates that Petrobras will export 150,000 b/d of crude to China in 2009. The volume will increase to 200,000 b/d between 2010 and 2019. Sinopec also signed a memorandum of understanding with Petrobras on cooperation in areas of mutual interest, including exploration, refining, petrochemicals and the supply of goods and services. rnThe contract was bundled together with a $10 billion loan agreement between Petrobras and state-owned China Development Bank. "The loan will be used to finance Petrobras' investment plan, including the financing of goods and services bought from China. Petrobras is also committed to increasing its crude exports to China under the loan deal," a Sinopec statement said. China has this year entered into similar loan-for-oil deals with Russia and Venezuela.