Brazil: Petrobras negotiates US$10 billion with China Development Bank for oil exploration
[ 2009-02-20
]
Brasília, Brazil, 20 Feb – Brazilian state oil company Petrobras Thursday began negotiations with the China Development Bank (CDB) – the world’s biggest development bank – for a loan of US$10 billion for oil exploration in the pre-salt layer, news agency Brasil reported.
Oil exploration will be carried out with the participation of Chinese state oil company, Sinopec.
The memorandum of understanding was signed in Brasilia during a visit by the vice president of China, Xi Jinping to Brazil.
According to Petrobras’ chief executive, Sergio Gabrielli, the details of the contract will be agreed by May, in order that it can be signed when Brazilian President Luiz Inácio Lula da Silva visits China.
As well as the oil partnership in Brazil, the deal signed between Petrobras and Sinopec includes the supply of 60 to 100,000 barrels of oil per day in the current year
Petrobras also signed a memorandum of understanding with state company China National Petroleum Corporation (CNPC) for the supply of 40 to 60,000 barrels per day.
In 2008, trade between China and Brazil totalled US$36 billion making China Brazil’s second largest trading partner. (macauhub)
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