Brazil 's state - run oil signed a $ 5bn , 10-year loan agreement with China Development Bank , as well as an oil supply deal with China National United Petroleum Corporation , China Zhenhua Oil and Chemchina Petrochemical , subject to market conditions . The figure missed consensus analyst estimates of US$82.7 billion as well. Brazil is looking to increase future profits as it struggles with its huge debt and corruption scandal .
Brazil 's state - run oil signed a $ 5bn , 10-year loan agreement with China Development Bank , as well as an oil supply deal with China National United Petroleum Corporation , China Zhenhua Oil and Chemchina Petrochemical , subject to market conditions . Brazil is looking to increase future profits as it struggles with its huge debt and corruption scandal .