China has agreed to lend 10 billion US dollar (ca. 54 milliarder DKR) to Brazils Petrobras in return for guaranteed oil supply over the next decade, in a deal cemented on Tuesday.
In a statement released in the Chinese capital, Brazilian state-controlled oil company Petrobras said the loan will come from the China Development Bank. Brazil will guarantee to supply 200.000 barrels of oil a day to Chinas state oil firm Sinopec for the next 10 years.
Brazilian President Luiz Inacio Lula da Silva said Tuesday in China that the two nations had achieved a centurys worth of results in a mere generation, as he witnessed the signing of several large business deals cementing ties.
In addition to the loan-for-oil deal,] China and Brazil signed other agreements on Tuesday, including an 800 million dollar credit loan between Brazils National Bank for Economic and Social Development and the China Development Bank.]
China overtook the US as Brazils biggest trading partner during the first four months of this year, underlining increasingly close relations between two of the worlds biggest emerging markets.
Apart from the oil deals, the two sides signed agreements covering Brazilian port construction, biofuel exports to China and the joint launch of two satellites. Brazil is the worlds biggest exporter of chicken.
Tuesdays accord allows 24 Brazilian exporters, the majority of its chicken industry, to sell to China with immediate effect. Beijing also agreed to allow more imports of Brazilian beef.
Kilde: www.worldbank.org
