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28

Petrobras Gets $10 Billion Chinese Loan in Oil Supply Deal

By Tony Seruga

Funding stems from accords signed with Asian nation last year
Producer has sought to avoid high borrowing costs for bonds

Petroleo Brasileiro SAsecured a $10 billion loan from the China Development Bank as the beleaguered state-owned oil producer endures the worst crude market in a generation and faces more than double that amount in maturities over the next two years.

The lifeline is part of a deal to supply crude to the Asian country, Rio de Janeiro-based Petrobras said in a filing on Friday. The amount of crude that will be supplied wasn’t disclosed…

Petrobras Gets $10 Billion Chinese Loan in Oil Supply Deal

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