Petrobras Signs Agreement with China’s Development Bank

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Petrobras announced on Wednesday, April 1st, that it has obtained a financing contract with China Development Bank (CDB) for US$3.5 billion to be disbursed during 2015 and 2016. According to analysts this financing credit is likely to relieve some of the financial pressure on Brazil’s oil giant, which has found it difficult to obtain foreign credit due to the widespread corruption scandal that erupted last year.

“This contract is an important step for the continuation of the strategic partnership with CDB, strengthening the synergies between the economies . . .

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