SÃO PAULO--Brazilian state-run oil firm Petroleo Brasileiro SA,
or Petrobras, on Wednesday said it signed a contract to obtain
financing worth $3.5 billion from state-owned China Development
Bank.
Petrobras said the financing is part of a cooperation agreement
to be implemented by both sides through 2015 and 2016. The company
didn't disclose additional details of the agreement, which was
signed by Petrobras's international unit, Petrobras Global Trading
BV.
On Tuesday, Petrobras's board approved the sale of certain
assets in Argentina for $101 million, as part of its recently
announced divestment plan.
The operation marked the first sale of Petrobras's huge
divestment program, announced earlier this month, to sell an
estimated $13.7 billion worth of assets in 2015 and 2016.
Petrobras previously announced intentions to cut an ambitious
$220 billion investment plan by $16 billion. That scaling back, and
the sales announced, are a result of a corruption scandal that has
decimated Petrobras's market value.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
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