Petrobras signed (May 19) a cooperation agreement with the China Development Bank (CDB) for the years 2015 and 2016.

The deal encompasses funding of US$3.5 billion already disbursed, as announced on April 1, and an additional disbursement of US$1.5 billion, adding up to US$5 billion in 2015.

The agreement was signed by Petrobras CEO Aldemir Bendine and CDB Chairman Hu Huaibang at a ceremony in Brasília.

This deal furthers the strategic partnership between CDB and Petrobras, strengthening cooperation between the two countries’ economies.