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Brazil agrees to supply crude oil to China
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Brazil has agreed to supply up to 100,000 barrels of oil per day to China, the head of Brazil's state-owned oil and gas giant Petrobras announced Thursday.

Petrobras has agreed with China's state-owned oil company Sinopec to supply 60,000 to 100,000 barrels of crude per day to Chinese refineries, CEO Jose Sergio Gabrielli said in Brasilia.

The Brazilian company also signed an agreement for a US$10 billion loan from the China Development Bank. The loan will be used to finance the exploration for oil in Brazil's pre-salt layer reserves. The agreements were signed during the official visit to Brazil of Chinese Vice-President Xi Jinping.

Negotiations for the loan may be concluded in May, so that the final contract could be signed during President Luiz Inacio Lula da Silva's visit to Beijing. The loan will be financed over 10 years.

Despite the international financial crisis and low oil prices, Petrobras has decided to increase its investments. Last month, the company released its business plan for the 2009-2013 period, which foresees investments of US$174.4 billion, of which US$92 billion will be used for exploration and production.

(Xinhua News Agency February 20, 2009)

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