Petrobras signs long-term oil deal with China

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20 February 2009

Brazil's state-run oil producer Petrobras has signed a multi-billion dollar credit line with the state-controlled China Development Bank in exchange for future oil supplies.

Brazil's state-run oil producer Petrobras has signed a $10 billion credit line with the state-controlled China Development Bank in exchange for future oil supplies.

The deal is the first of its kind for the Brazilian oil major as it seeks to secure financing for its...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%