Soon after signing a contract to supply oil to China in return for loans of up to US$10 billion, Brazilian state-owned oil firm Petrobras said it is seeking additional loans from China, Bloomberg reported. Petrobras is looking for financing for a US$174.4 billion investment plan to develop offshore oil fields. The company is currently producing 30,000 barrels of oil per day from its Tupi offshore field, which is thought to contain 5-8 billion barrels of crude. Presidents Hu Jintao and Luis Inacio Lula da Silva signed a series of trade agreements in Beijing on Tuesday covering a range of goods and industries.
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