China Development Bank Sets Up Shop In Rio

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Rio de Janeiro State Governor Sergio Cabral announced that China's state development bank is planning to open a branch in Brazil's oil and gas capital, where Brazil's state energy giant Petrobras is based. The announcement follows an agreement by the China Development Bank Corp. to lend US$10bn to Petrobras back in May, to help fund offshore exploration projects. We believe this move highlights China's growing interest in Brazil's energy resources, and a desire to benefit from technological spill over in oil servicing and exploration, along with recent forays into oil producing countries to secure strategic future energy supplies.