China, Brazil May Expand Oil-for-Loans Program, Deepening Ties, CBN Says
China and Brazil may expand an oil- for-loans program to intensify energy cooperation, China Business News reported, citing an unidentified official at the National Energy Administration in Beijing.
Energy officials from the two nations may meet in Beijing in the fourth quarter “to discuss many topics,” the Chinese- language newspaper said today, citing the official.
China Development Bank Corp. agreed to lend $10 billion to Petroleo Brasileiro SA which in return will supply crude oil to China Petroleum & Chemical Corp. for 10 years, the state- controlled Brazilian oil company said in November last year.
The newspaper didn’t say if Chinese loans to Brazil will increase or whether crude supplies to China will expand. Zeng Yachuan, the Beijing-based spokesman of the National Energy administration, didn’t pick up calls to his office.
--Wang Ying and Zhe Huang in Beijing. Editors: Ryan Woo, Jane Lee.
To contact the Bloomberg staff on this story: Ying Wang in Beijing at ywang30@bloomberg.net
To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.
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