Sanya, China (AFP) April 14, 2011
China Development Bank said Thursday it was in talks with Petrobras to extend more credit to the Brazilian oil giant after the two firms signed a $10-billion loan agreement in 2009.
"Both sides have expressed their intent and interest in furthering their cooperation and we are in discussions for the next step of cooperation," Chen Yuan, chairman of China Development Bank, told reporters.
"But we haven't discussed how much or the form of the loans at this stage," Chen said on the sidelines of a BRICS summit involving the world's major emerging economies on China's southern Hainan island.
Russian President Dmitry Medvedev, Chinese President Hu Jintao, Brazil's Dilma Rousseff, South Africa's Jacob Zuma and Indian Prime Minister Manmohan Singh all met for the talks on Thursday.
The summit saw the BRICS' state development banks, including China Development Bank, agree to open credit lines in their national currencies, which would reduce their reliance on the dollar.
Petrobras signed a loan agreement with China Development Bank in May 2009 to help it finance upcoming investments.
At the time, Petrobras also signed a long-term agreement with a subsidiary of China's giant oil refiner Sinopec for the export of crude oil.
The loan was not tied to either the oil supply deal or any other subsequent cooperation between Petrobras and Chinese refiners.
China Development Bank said it has extended $141 billion in loans, much of which has gone to other countries, reflecting Beijing's efforts to forge stronger ties with developing nations as it winds back its dependence on Western export markets.
Some of the loans have been denominated in yuan as China tries to increase the use of its currency worldwide.
earlier related report
"A significant gross oil column of 130 metres has been proven in the well and further work will be performed to confirm the volumes," the company said in a statement.
The find serves to confirm "the significant potential in the Peregrino area and underline the beliefs we have had in the upside," said Statoil vice president Tim Dodson.
The initial development of the field is estimated to contain 300 to 600 recoverable million barrels of oil equivalents, with the new discovery adding as yet unknown additional volumes.
Oil production from the Peregrino field started last week and will gradually reach 100,000 barrels of oil equivalent per day.
The field is 85 kilometres (53 miles) off the Brazilian coast from Rio de Janeiro.
Statoil holds a 60 percent stake in the field with China's Sinochem Group owning the other 40 percent, under a deal which still requires governmental approvals.
Share This Article With Planet Earth
Powering The World in the 21st Century at Energy-Daily.com
Philippines protests China's Spratly claim at UN
Manila (AFP) April 14, 2011
The Philippines said Thursday it had lodged a formal protest at the United Nations over China's claims to the Spratly islands and adjacent South China Sea waters. The newest controversy in the decades-old multilateral dispute centres on formal notes sent by China to the UN secretary general in 2009 outlining the basis of its claim, foreign ministry spokesman Ed Malaya said. "Yes, we can ... read more
Power cuts are top economic concern in Japan: ADB|
Sony eyes two-week summer break to save energy
Greenpeace urges Facebook to 'like' green energy
ABB wins contract for Chinese electricity project
Somali pirates zero in on oil tanker lanes
Brazil's Santos basin yields new oil
Philippines to boost Spratly patrols
China Development Bank, Petrobras in loan talks
Manitoba wind farm comes online
Alstom Announces Commercial Operation Of First North American Wind Farms
Vestas unveils new offshore turbine
US hopes to resolve China wind turbine rift
Device Proves Solar Cell Potential Of High Bandgap Inorganic Nanowire Arrays
IKEA Powers up Solar In California
Anne Arundel Community College Installs Large Solar Carport System
Tioga Unveils Largest Solar Canopy In Hawaii
India's nuclear power plans under scrutiny
German nuclear exit 'would cost up to EUR2 bn': minister
In Vienna, vow of 'prompt action' on lessons from Fukushima
Russia talks up nuclear energy after Japan crisis
B3C Fuel Solutions Expands Efforts To Promote Ethanol Education
Congress Must Maintain Commitment To Advanced Biofuels And Renewable Fuel Standard
OnSite Energy Unveils Gen2 Biodiesel Processor In Flint
Advanced Biofuels Leader Tells Senate Committee Consistency Is Key
Asia's star ever brighter in space
What Future for Chang'e-2
China setting up new rocket production base
China's Tiangong-1 To Be Launched By Modified Long March II-F Rocket
Shootingstars Provide Clues To Likely Response Of Plants To Global Warming
Europe faces drought and flood burden: climate scientist
Climate Change Poses Major Risks For Unprepared Cities
Rich, poor nations feud at UN climate talks
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement|