Petrobras Gets $10 Billion Chinese Loan in Oil Supply Deal
- Funding stems from accords signed with Asian nation last year
- Producer has sought to avoid high borrowing costs for bonds
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Petroleo Brasileiro SA secured a $10 billion loan from China Development Bank Corp. as the beleaguered state-owned oil producer endures the worst crude market in a generation and faces more than double that amount in maturities over the next two years.
The lifeline is part of a deal to supply crude to the Asian country, Petrobras said in a filing on Friday. The amount of crude that will be supplied wasn’t disclosed. Shares gained 6 percent to 5.16 reais at 2:58 p.m. in Sao Paulo.