Petrobras gets $10bn loan from Chinese bank in an oil supply deal

Brazil-based Petrobras received a $10bn loan from China Development Bank as part of a deal to supply oil to the country. The loan is the outcome of an accord signed between Brazil and China last year.

The amount of oil to be supplied as part of the contract was not disclosed. The move would provide the beleaguered Brazilian company with a lifeline which struggled with falling oil prices, a corruption scandal and c.$20bn in debt maturing by 2018.

Source: Bloomberg