Nov. 4 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-controlled oil company, said it signed a $10 billion-loan accord and a long-term supply contract with China yesterday.

Petrobras, as the company is known, and China Development Bank Corp. had been negotiating the 10-year financing agreement since May, when it was first announced, according to a regulatory filing today.

Petrobras also said it signed a supply contract with a unit of China Petroleum & Chemical Corp., the Asian oil refiner known as Sinopec. The Brazilian company aims to export 150,000 barrels of oil a day in the first year of the contract and 200,000 barrels a day over the following nine years.

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Last Updated: November 4, 2009 06:59 EST