The Oil for Loan Agreement with Brazil Fortifies China's Quest for Energy Security

The Oil for Loan Agreement with Brazil Fortifies China’s Quest for Energy Security

Summary

To secure its future oil and gas needs, China is investing heavily in various emerging oil producing nations worldwide. In May 2009, China signed an agreement to grant $10 billion as a loan to Petrobras, the national oil and gas operator of Brazil. Petrobras’ effort to capitalize on Brazil’s abundant oil reserves and to transform Brazil into a leading oil producing nation globally has propelled this deal.

Scope

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