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Petrobras Takes $10B From Chinese

By Jaylan Boyle, Senior Reporter

RIO DE JANEIRO - An agreement has been signed between Brazilian state-owned petroleum giant Petrobras and the Chinese Development Bank, finalizing the details of a finance package of US$10 billion over 10 years.

The agreement was initially signed in May during a visit to Beijing by Brazilian President Luis Inacio 'Lula' da Silva, since when the two parties have been working out the finer details, a process which was completed earlier this month.

The loan by the Chinese Development Bank, a 'state-owned enterprise' will be used by Petrobras to facilitate it's business . . .

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