China, $1 million loan from Exim bank to Petrobras

China, $1 million loan from Exim bank to Petrobras

Editorial Staff
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The Chinese institution and the Brazilian company have reached an agreement on a supply contract for goods and equipment in line with the South American company's business plan

The Brazilian petroleum company Petrobras has signed an agreement with the Export-Import Bank of China (Exim Bank) for a $1 million loan. The deal is based on a supply contract for goods and equipment that Petrobras has already signed with Chinese companies, according to the company’s business plan from 2015-2019. The agreement is part of the financial strategy implemented by the Brazilian company, which suffered heavy blows from the financial crisis as well as corruption scandals from top managers, and includes a diversification of its financial sources. Last February, Petrobras had already received a $10 loan from the China Development Bank within an agreement that includes the repayment of the debt using the oil supply.