Economic review

CDB signs $5 bln deal with Brazil's Petrobras

2017-12-07 09:51:00 (Beijing Time)         Global Times

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The China Development Bank (CDB) and Brazil's state oil giant Petroleo Brasileiro SA signed a $5 billion financing deal on oil trade on Tuesday, according to the Xinhua News Agency.

Supported by the CDB financing deal, Sinopec Corp's trading arm Unipec will import 50 million tons of crude oil from Petrobras to the Chinese market over the next 10 years, Xinhua reported.

CDB will help Petroleo Brasileiro SA expand its business in China and offer financial support while the company stabilizes oil production, Xinhua said.