Petrobras Lands Loan from China Development Bank (CDB)

Petrobras announced yesterday it had signed a 10-year USD 5 billion loan with China Development Bank (CDB) and a commercial contract with Unipec Asia Company for a preferential supply of 100,000boe/d during 10 years. Under the terms of the loan, CDB will disburse USD 2.5 billion by December 2017 and the remainder in January 2018, when Petrobras will pay a USD 2.8 bilion balance due from a previous 2009 loan.

Petrobras said that the prepayment will result in an anticipated closure of the commercial contract signed with Unipec in 2009 for the provision of up to 200,000boe/d ending in 2019 and that will keep evaluating new prepayment and financing opportunities, pursuant to its liabilities management strategy.

Source: Business News Americas, December 5, 2017

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Emerging Markets Insights

a blog by Frontier Strategy Group

longandvariable

A blog on macroeconomics and public policy by Tony Yates.

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