Petroleo Brasileiro SAsecured a $10 billion loan from the China Development Bank as the beleaguered state-owned oil producer endures the worst crude market in a generation and faces more than double that amount in maturities over the next two years.
The lifeline is part of a deal to supply crude to the Asian country, Rio de Janeiro-based Petrobras said in a filing on Friday. The amount of crude that will be supplied wasn’t disclosed.
China has invested in oil-rich nations to ensure supplies to the world’s biggest crude market after the U.S. Similar deals have helped Venezuela fund its ballooning debt. Petrobras has been mired in Brazil’s worst-ever corruption scandal just as the Latin American nation goes through a recession, reducing domestic demand, and oil prices are 70 percent lower than in mid-2014.
Brazil Energy Insight 
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