01:46 GMT06 August 2021
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    Brazilian state-run energy giant Petrobras signed a $5-billion 10-year financing deal with China Development Banc Corp, the company said Friday.

    MEXICO CITY (Sputnik) — Petrobras also signed a 10-year deal with China National United Oil Corporation, China Zhenhua Oil Co and Chemchina Petrochemical for the delivery of 100,000 barrels per day.

    The deal comes as Petrobras is struggling to overcome the consequences of the large-scale corruption probe.

    Petrobras was headed by former Brazilian President Dilma Rousseff in 2003-2010, who faced public outrage after the company’s corruption schemes were revealed in 2014.

    Several government functionaries were discovered to have been signing contracts at 3 percent commission fee. The money received from the scheme was used for bribing police and public officials. Those behind the corruption scheme made about $3.8 billion, according to the Brazilian authorities.


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    Brazil, China, Petrobras, Oil
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