China will provide $10 billion loan for the Brazil oil company

Reported in March 2nd, Brazil state-owned oil companies announced, the company in January 29th and China National Development Bank signed an agreement, China National Development Bank will provide $10 billion in financing for the company, in exchange for Brazil oil companies in the supply of crude oil to Chinese Enterprises.

According to EFE reported in February 29th,Brazil oil company said, This agreement is part of the company and the cooperation agreement signed in 2015 of the Chinese CDB.

According to the Report, The new financing contract is still under discussion, expected to Brazil Petroleum Company will be in accordance with the agreed with the Chinese government in the 2009 agreement "similar" to the China Company oil supply conditions.

The Brazil oil company is a subsidiary of CDB and last April had signed the first $3 billion 500 million financing contract.