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Petrobras gets $10b loan from Chinese bank

(Xinhua)
Updated: 2009-11-05 14:24

Petrobras, a Brazilian multinational energy company, signed a 10-year contract on Tuesday for a $10 billion financing from the China Development Bank Corporation, the company source confirmed Wednesday.

The fund would be used to finance the Petrobras Business Plan 2009-2013 and would be made available to the company in several stages, according to Petrobras.

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The company said the contracts had been under negotiation since May 2009.

"This funding has become symbolic because of the amount involved and because it represents a new stage for relations between developing countries' markets," the company said in the statement.

When the first withdrawal is made, Petrobras said, a long-term agreement on the export of Petrobras oil to UNIPEC Asia, a subsidiary of Sinopec (China Petroleum and Chemical Corporation), would take effect. It forecasts the export of 150,000 barrels of oil a day in the first year, and 200,000 barrels in the nine subsequent years.