August 16, 2019 |
Brazil's state-owned oil company will end a supply agreement with China before the end of the year
Brazil's Petrobras said it has prepaid a $3bn loan from the China Development Bank (CDB) and plans to prepay a $5bn loan on December 16.
The $3bn loan would have come due in 2024, while the $5bn loan matures in 2027, the state-owned oil company said in a statement.
After it makes the $8bn in payments, Petrobras will end a supply agreement for 100,000 barrels of oil equivalent per day to Chinese companies under market conditions.