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 .
Brazil's state-run Petrobras signed a $5bn, 10-year financing agreement with China Development Bank, as well as an oil supply deal with China National United Oil Corporation, China Zhenhua Oil and Chemchina Petrochemical, subject to market conditions. Petrobras is looking to stabilise future revenues as it struggles with its huge debt and corruption scandal.