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China becomes biggest buyer of Brazilian oil
June 10, 2015, 11:48 am

Chinese premier Li Keqiang with Brazilian President Dilma Rousseff in Brasilia, Brazil on 19 May 2015 [Xinhua]

Chinese premier Li Keqiang with Brazilian President Dilma Rousseff in Brasilia, Brazil on 19 May 2015 [Xinhua]

Brazil’s oil exports to China increased threefold in the first five months of this year, making Beijing the largest consumer of Brazilian oil in the world.

Brazil exported 5.4 million tons of oil to China from January to May, accounting for 35 per cent of Brazil’s total oil exports in the same period. The amount of oil shipped to China is twice as much as that to the United States.

Earlier this year, Brazilian President Dilma Rousseff and Chinese Premier Li Keqiang unveiled $10 billion in Chinese credit to Brazilian oil giant Petrobras.

Petrobras has completed negotiations with the China Development Bank (CDB) for a 10-year bilateral credit line worth $10 billion.

China’s higher demand for oil also helped Brazil achieve record oil exports of 15 million tons from January to May, up 80 per cent from the same period last year.

However, as oil prices have fallen significantly over the past months, the record sales did not generate corresponding high revenues.

With increased oil purchases, China has become the largest buyer of four major Brazilian products. The other three are soybeans, iron ore and cellulose.

China replaced the United States to become Brazil’s largest trade partner in 2009.

Sino-Brazilian trade value amounted to $86.67 billion in 2014.

 

Source: Agencies

2 Responses to China becomes biggest buyer of Brazilian oil

  1. Ipman Reply

    June 10, 2015 at 8:02 pm

    This is showing the unity of the Brics nations working together on long term and real commitments to sustaining both nations in the long term. Very good keep progressing.

  2. gamead Reply

    June 11, 2015 at 6:36 am

    The Article avoids the elephant in the room question though, will brazil oil be in priced and sold in Yaun….

    With Russia’s Gazprom pricing its oil Sales to China in Yuan and cutting out PetroDollar- enter the birth of the PetroYaun – will brazil do the same.

    Also China buys most of Angola’s oil – non opec nation.

    A real shift is when the non opec members of Russia, Angola, Brazil, Venezuela etc start pricing and selling oil in Yuan to china.

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