Petrobras Suppliers Thrown China Lifeline in Credit Squeeze
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A group of Petroleo Brasileiro SA suppliers is negotiating about $3.5 billion in loans from Chinese institutions as China expands support for Brazil’s oil industry, the Brazil-China Chamber of Commerce & Industry said.
About half of the more than 20 suppliers banned from participating in new tenders with Petrobras amid a graft probe are in talks with lenders including China Development Bank Corp., Export-Import Bank of China and China Export & Credit Insurance Corp., Charles Tang, who heads the chamber, said by telephone Monday. He declined to name prospective borrowers.