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This excerpt taken from the PBR 6-K filed Nov 19, 2009. 30.2 Contracting of Financing of US$ 10 billion with the China Development Bank On November 3, 2009, Petrobras signed the agreements with the China Development Bank Corporation (CDB) that put into operation the financing between the two institutions in the amount of US$ 10 billion for a term of 10 years. The funds will be used to finance the Company's 2009-2013 business plan and they should enter Petrobras' cash in various stages in accordance with the announcements of drawdowns to be issued by Petrobras in the next few months. After the first drawdown, the long-term agreement for exporting petroleum between Petrobras and Unipec Asia, a subsidiary of Sinopec, will become fully effective. This agreement establishes export volumes of 150.000 barrels of oil per day for the first year and 200.000 barrels of oil per day in the next nine years. Although the starting of the export agreement is conditioned to the starting of the financing, the agreements are independent and do not constitute a securitization transaction. |
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