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Petrobras Seeks New Chinese Loan

Brazilian oil company, Petroleo Brasileiro (Petrobras), is seeking a new loan from the China Development Bank.

Brazilian oil company, Petroleo Brasileiro (Petrobras), is seeking a new loan from the China Development Bank (CDB), Bloomberg reports. The state-run company had received a $10 billion loan from the policy bank in 2009.

As per the earlier deal with CDB, Petrobras was committed to ship oil to China for 10 years in return of the 2009 loan. Petrobras requires about $224 billion cash to pay for its planned investment through 2014.

Click here for the story from Bloomberg.

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