Brazilian oil giant Petrobras has agreed a multi-billion pound deal with the Chinese Development Bank to finance a fresh ten-year supply contract with Unipec Asia Company.
Announced today by Petrobras, the firm will see the release of half the loan amount almost immediately, with the rest to follow in January 2018.
This new financing, which matures in 2027, is contingent on Petrobras repaying the $2.8billion it owes to the Chinese Development Bank from a 2009 loan.
A new supply contract for 100,000 barrels of oil equivalent per day is set to substituted for the original 200,000 boe/d agreement signed in 2009 and due to expire in 2019.
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