CMB signs loan for oil agreement

BEIJING, May 19 (Xinhua) Brazilian National oil company 19th signed a 10-year bilateral loan agreement with the National Development Bank.　　The bilateral loan agreement is the result of a cooperative plan between the Brazilian government and the Chinese government, which will be used to finance Petrobras's investment plans, including the purchase of goods and services from China.　　The two sides agreed to increase Brazil's crude exports to China, according to an agreement signed by Petrobras 19th and the National Development Bank. The signing of the document also included the launch of a long-term export agreement signed by Petrobras and Sinopec Asia, a wholly owned subsidiary of the company.　　The agreement stipulates that Brazil's national oil company exports 150,000 barrels of crude oil to China in 2009, from 2010 to 2019 daily to 200,000 barrels of crude oil, equivalent to 10 million tonnes of crude oil a year. Petrobras also signed a memorandum of understanding with Sinopec, which will cooperate in several areas of mutual interest, including oil exploration, refining, petrochemicals and the provision of products and services.