Less than a minute
101 words
6 views
Petrobras has repaid a $5-billion loan to China Development Bank eight years ahead of the deadline. Reuters reported, citing a securities filing by the Brazilian energy major, that the repayment means it will no longer have to offer Chinese oil companies preferential access to 100,000 bpd. Petrobras signed a $10-billion debt finance deal with China Development Bank back in 2016. In return for the money, it was obliged to offer Chinese companies preferential terms on 100,000 barrels of crude oil daily. The company, which used to be the oil major…