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Signed and sealed: chief financial officer Almir Barbassa was at the signing ceremony

Petrobras seals $10bn China loan

Brazilian state oil company Petrobras said today that it has signed final agreements with China Development Bank Corporation for $10 billion loan, in exchange for exports of 150,000 barrels per day of oil.

The loans will have a 10-year tenor, which had been under negotiation since May, when the commitment was first announced.

The agreement calls for exports of 150,000 bpd during the first year and 200,000 bpd in the subsequent nine years.

“Although the CDB loan is a trigger to the exports agreement, the agreements are independent and do not represent a securitization structure,” said Petrobras in a statement.

Proceeds from the loan will be used to fund the company's 2009 to 2013 business plan and will be received in diverse tranches.

“This funding is relevant not only due to the amounts involved, but also because it represents a new phase of relationship between developing countries," said Petrobras chief financial officer Almir Barbassa.

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