Brazil’s oil and gas giant Petrobras signed a cooperation agreement with the China Development Bank (CDB) for the years 2015 and 2016.
The deal encompasses funding of US$3.5 billion already disbursed, and an additional disbursement of US$1.5 billion, adding up to US$5 billion in 2015, Petrobras said in a statement.
The agreement was signed by Petrobras CEO Aldemir Bendine and CDB Chairman Hu Huaibang at a ceremony in Brasília.
This deal furthers the partnership between CDB and Petrobras, strengthening cooperation between the two countries’ economies, the statement added.