We have signed commercial and funding agreements with the China Development Bank

On Thursday (Dec. 15), we signed a 10-year funding agreement worth $5 billion with the China Development Bank (CDB). The funding is the outcome of a Term of Commitment entered into between the parties, as disclosed on February 26, 2016.

On the same date, we also signed a commercial agreement with each of these Chinese companies: China National United Oil Corporation, China Zhenhua Oil Co. Ltd. and Chemchina Petrochemical Co. Ltd. Taken together, the three contracts establish the preferential supply to these companies of a total volume of 100,000 barrels of oil per day, observing market conditions for a ten-year period.


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