Petrobras in Talks with China Development Bank

After the BRICS Interbank Cooperation Mechanism Annual Meeting and Financial Forum, Petrobras’ CEO, José Sergio Gabrielli de Azevedo, its CFO and Investor Relations Director, Almir Barbassa, and company executives were welcomed today (April 13) by the chairman of the China Development Bank, Chen Yuan, and his top aides.

During the meeting, they discussed mechanisms for cooperation between the Chinese bank and the Brazilian company.

The chairman of the CDB opened the meeting stating that the bank has loaned upwards of $14 billion to Brazilian companies, $10 billion of which to Petrobras, and stressed that the projects are being very well implemented. Chen Yuan highlighted the importance of the Brazil-China partnership and the need for transparency in the negotiations for further integration.

Petrobras’ CEO spoke of the strategic relations between the governments of Brazil and China, the importance of the credit that has been extended to the company, and the opportunities that are opening up in Brazil.

[mappress]

Source: Petrobras , April 14, 2011