China extends loans to Petrobras

China extends loans to Petrobras

Beijing: Three Chinese banks, China Development Bank, China Exim Bank and ICBC have signed memorandums of understandings (MOUs) with Brazil’s state-run energy company Petrobras to extend loan support to the company yesterday, under the witness of Chinese premier Li Keqiang and Brazilian president Dilma Roussef.

The three banks have agreed to offer a total of $10bn in financing to Petrobras, which had already obtained a $3.5bn loan from China Development Bank in April, to support the company’s acquisitions of offshore equipment.

China also expressed interest in investing $53bn in mining, infrastructure and manufacturing in Brazil. ICBC is establishing a $50bn fund with Brazil’s state-run bank Caixa Economica Federal for bilateral business opportunities.

Seperately, Brazilian mining giant Vale has also signed with ICBC for $4bn financing following a deal where Vale sold eight VLOCs to Cosco and China Merchant Energy Shipping.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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