China's ICBC Leasing Disburses $1B in Financing to Petrobras

Petroleo Brasileiro S.A. (Petrobras) revealed Tuesday that the Industrial and Commercial Bank of China Leasing (ICBC) has disbursed $1 billion in financing for the P-52 platform in the Roncador field in the Campos Basin, Brazil.

The company signed the financing agreement for the P-52 platform with ICBC Leasing in October 2015, with the deal a part of the cooperation agreement signed between the two parties during Chinese Prime Minister Li Keqiang's visit to Brazil in May 2015.

"The transaction has a 10 years maturity and is part of the cooperation agreement between Petrobras and ICBC Leasing," Petrobras said in the press release.

Petrobras commented that the deal with ICBC Leasing fits in with its financial strategy of diversifying funding sources.

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