China is looking to Brazil for future oil supplies. From AP:
China wants to loan Brazil’s state oil company $10 billion to help develop massive new oil fields in deep water off the coast of Rio de Janeiro, Brazil’s top energy official said in comments published Monday.
Mines and Energy Minister Edison Lobao also told the Folha de S. Paulo newspaper that the United Arab Emirates has offered to finance field development, but he did not specify a price tag.
Lobao said Chinese officials contacted his ministry to propose a loan and Petrobras then negotiated directly with the Chinese. He gave no details on the status of talks, and any deal would have to be approved by his ministry.