(Recasts with loan helping to pay 2016 debt)
By Jeb Blount
Feb 26 China’s loan to Brazil’s
Petrobras announced Friday is for $5 billion to $10
billion and can be paid in cash or oil at China’s request, and
may help pay the bulk of the $12 billion in debt the state-run
oil company must pay this year, a source involved in debt talks
told Reuters late Friday.
The loan from the China Development Bank was first
agreed to in early 2015, and when added to a $5 billion CDB loan
made in 2009, increases the bank’s debt exposure to Petroleo
Brasileiro SA as Petrobras is formally known, to as much as $15
billion, the source said.
Petrobras, the world’s most indebted oil company, said in a
securities filing earli…
Read the full article at: http://www.reuters.com/article/brazil-petrobras-china-idUSL2N1652DA