CHINA LOANS: Old flame

CHINA LOANS: Old flame

Loans Economy & Policy China

It was a brief moment of good news for Brazil’s national oil company Petrobras. In February, as it reeled from a combination of low oil prices and the impact of the rolling Lava Jato corruption scandal, it was able to point to a substantial potential influx of new funding. On 26 February, the then-chief executive officer, Aldemir Bendine, and the president of the China Development Bank (CDB), signed a term sheet for a $10 billion loan in Rio de Janeiro. At the same time, the two also agreed for Petrobras to supply oil to Chinese consumers. This built on a cooperation agreement that Petrobras and China had signed during a visit by China’s premier, Li Keqiang, to Brazil in May 2015. In one se

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