Petrobras Obtains Billion Financing from China Development Bank

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 [e-mail]

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