Petrobrás finishes deal with Chinese bank for US$ 2 billion financing

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  • Posted on October 13, 2015


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    Petrobrás has concluded negotiations for its financing with the Industrial and Commercial Bank of China Leasing (ICBC), and will receive a total of US$ 2 billion in the new deal, which extends over a period of ten years. The contract is part of a long term cooperation agreement between the two parties, set during Chinese Prime Minister Li Keqiang’s visit to Brazil in May this year. In a statement made this Tuesday, October 13, the state company states that the financing operation will be made through the financial leasing structure of the P-52 and P-57 platforms

    With the conclusion of the deal, the company gives continuity to its current policy to alleviate finances and provide greater flow to reduce the major accumulated debt. According to the company’s statement, the operation is part of Petrobrás’ financial strategy to diverisify its sources of financing, and it represents an anticipation of the fundraising set for 2016.

    The figures obtained from the contract can be disbursed after the final internal approval by the oil company and the bank. In May, when the agreement was announced during the Prime Minister’s visit to the country, the estimation was that the financing would be approximately US$ 3 billion.