Petrobras announced on the 19th and the State Development Bank signed a 10-year of 10 billion U.S. dollars of bilateral loan agreements. This is a bilateral loan agreement and the Chinese Government, the Government of Brazil to the outcome of cooperation, loans will be used for the Brazilian national oil company investment plans, including from China to buy goods and services should be financed. According to the Brazilian national oil company on the 19th and the State Development Bank signed the agreement, the two sides agreed to increase Brazil's crude oil export volume in China.
The date of the signing of the document also include the launch of a Brazilian national oil company and a wholly owned subsidiary of Sinopec joint petrochemical companies in Asia's long-term export agreements signed. Agreement in 2009 to the Chinese national oil company of Brazil exports 150,000 barrels per day of crude oil, from 2010 until 2019 daily export to China 200,000 barrels of crude oil, which is equivalent to 10 million tons of crude oil per year.
Brazilian state oil company Sinopec has also signed a memorandum of understanding will be of interest to both sides to cooperate in several areas, including oil exploration, refining, petrochemical, as well as the provision of products and services.
Oil cooperation between China and Brazil has great potential. In recent years, Brazil have discovered a number of large offshore oil field, and gradually become the world's major oil-exporting countries. Petrobras is Brazil's largest energy companies.
Source: www.in-en.com May. 20, 2009
