As per the term sheet, Petrobras will receive $10bn loans in exchange for supplying undisclosed amount of petroleum to the Chinese companies. The term sheet comprises the main terms and conditions of the operation.
The drafts of the financing contracts are being negotiated, the firm said.
The potential contracts include the implementation of a trade agreement to supply oil to Chinese companies, in similar terms to the contracts signed by the two parties in 2009.
A $10bn arrangement was signed by Petrobras in 2009 with China to export as many as 150,000 barrels a day of oil in the first year and 200,000 barrels a day over the subsequent nine years, reported Bloomberg.
The latest contract comes on heels of the cooperation agreement signed between Petrobras and CBD in 2015 in a bid to strengthen partnerships during 2015 and 2016.
Petrobras plans to use the funding to pay nearly all of its $12bn in maturing obligations in 2016, reported Reuters.
Separately, Petrobras said it has started negotiations for potential sale of its regional natural gas pipeline subsidiary Nova Transportadora do Sudeste (NTS).
The divestment is part of the company’s effort to sell around $14bn worth of assets in 2016 in a bid to reduce debt and maintain cash amid plunging oil prices.
The potential pipeline sale is expected to fetch around $6bn for the company, reported the Valor Economico daily newspaper.
