China and Pakistan sign 10 billion U.S. dollars loans-for-oil agreement - China Sport shoes

China and Pakistan sign 10 billion U.S

China and Pakistan sign 10 billion U.S. dollars loans-for-oil agreement - China Sport shoes

Loans for oil and then the next one, on the 19th, the Brazilian national oil company and the State Development Bank signed a 10-year loan agreement for 10 billion U.S. dollars. Meanwhile, Brazil's national oil company and Sinopec to finalize a 10-year long-term crude oil export agreement.

The loans-for-oil agreement is the Brazilian government and the Chinese Government, the results of the loan will be used for Brazil's national oil company investment plans, including the purchase of goods and services from China financing. The two sides agreed to increase Brazil's crude oil exports to China. Petrobras is Brazil's largest energy company. The company needs funds to develop the discovery of Brazil in recent years, several large offshore oil field.

In February of this year so far, China has signed a five single-about 450 million U.S. dollars in exchange for oil agreements to obtain long-term stable energy supply, which includes Russia, Brazil, Venezuela, Angola and Kazakhstan.

The date of the signing of the document also includes the launch of a Brazilian national oil company and a wholly-owned subsidiary of Sinopec Petrochemical Asia's long-term export agreements signed. Agreement, in 2009 Petrobras exports to China of 15 million barrels per day of crude oil, from 2010 until 2019 of 20 million barrels of daily crude oil exports to China, equivalent to an annual 10 million tons of crude oil. This reporter has learned that the agreement with the volume of total Chinese imports of crude oil (daily) 5% to 6%, to secure a stable energy supply in China provides a new protection.

In 2008, China imported 179 million tons of crude oil, 54.9% of imports are from Asia, mostly from the volatile Middle East region, 30.8% from the unstable political situation in Africa.

In addition, Brazil's state oil company Sinopec also signed an exploration and equipment, service providers, the Memorandum of Understanding, the two sides will expand cooperation in several areas of interest.

This will reduce the risk of foreign exchange devaluation

Xiamen University, China Energy Economic Research Center director, said Lin Boqiang, loans-for-oil deal to let China get a cheaper source of long-term stable supply of crude oil, and spread the risk of depreciation of foreign exchange reserves.

Lin Boqiang explained that at present China's purchase of crude oil are mainly short-term projects, frequent price fluctuations; and the long-term crude supply agreement, even though the price is still reference to market, but is the oil side and the direct docking of China, the price will be relatively cheap. In addition, China's foreign exchange reserves of about 2 trillion U.S. dollars, including large quantities of American bonds, the current state of the dollar loans to a return than U.S. Treasury bonds, the loans-for-oil equivalent of reducing the risk of foreign currency depreciation.

China Energy Network CIO HAN Xiao-ping said, oil loan can ease the pressure on China's current foreign exchange reserves, and the risk of future depreciation of the dollar, in general, is a better measure

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