Tuesday, May 19, 2009

Petrobras Signs $10B Financing Deal With China, and Finds More Oil

Petrobras (PBR on the NYSE) signed a $10B financing deal with China's BDC (China's Development Bank). In exchange, PBR will provide China with 150,000 barrels per day in 2009, and 200,000 bpd in 2010. The agreement had been announced in February and has now been signed.

In addition. PBR, China Petroleum, and Sinopec have signed a cooperation agreement.

Petrobras also announced the discovery of oil in an abandoned well in the Santos Basin well at only 500m deep. Commercial viability has not yet been proven.

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