China Eximbank provides $900 million disbursement to Petrobras (Linked to Record ID#59380)

Project narrative

Following a visit by Premier Li Keqiang to Brazil in May 2015, China Eximbank and Petróleo Brasileiro S.A. (Petrobras) signed an agreement in May 2016 regarding a potential $2 billion loan to (a) to pay for goods and services already contracted with Chinese firms, (b) pre-finance resources needed for 2017 and diversify its sources of finance, and (c) fund capital projects. Then, on October 24, 2016, China Eximbank signed a $1 billion facility agreement with Petrobras Global Trading B.V. (PGT BV) with a final maturity date of May 23, 2019 (captured in record ID #59380). $900 million of the $1 billion credit line was drawn down by the borrower in May 2018 (captured in #69862). PGT BV was expected to withdraw an additional $100 million from the facility agreement in May 2019. The borrower ultimately drew down the entire $1 billion facility, but the precise date of the final drawdown is unknown. Petrobras' borrowing through the line of credit was reportedly insured by Sinosure.