Brazil’s state-run oil giant Petrobras said on Monday it has sealed a preliminary deal with the Export-Import Bank of China (also known as China Exim Bank) for a US$1-billion loan, news agency Reuters reported.
The loan, if finalised, would be used to pre-finance resources needed for 2017 and diversify the sources of finance of Petrobras, the oil giant was quoted saying in a statement.
It is not the first time Petrobras has sought help from Chinese financial institutions. Financial news agency Bloomberg reported that the oil giant secured a US$10-billion loan from state-owned China Development Bank in February as part of a deal to supply crude to China, the world’s second-largest economy. A month later Petrobras also received a US$1-billion loan from the leasing unit of Industrial and Commercial Bank of China to help finance its offshore oil platform business.
