China's $5 bln to $10 bln Petrobras loan may help pay most 2016 debt
RIO DE JANEIRO Feb 26 (Reuters) - A loan announced Friday from China to Brazil's Petrobras is for $5 billion to $10 billion, 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 repay 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. (Reporting by Jeb Blount; Editing by Bernard Orr)
© Thomson Reuters 2016 All rights reserved.