Brazil’s state-run oil giant Petrobras said on Friday it has agreed on the terms of a deal for up to US$10 billion in loans from the China Development Bank.

News agency Reuters reported the energy firm saying the deal was the result of a co-operation agreement signed between Brazil and China in May last year.

China’s Premier Li Keqiang visited the South American nation last May. Both sides signed a range of trade and investment deals worth US$53 billion, according to media reports at the time.

The terms for the China Development Bank money are said to be similar to those in a 2009 loan deal worth the same amount. Under the latter, Petrobras guaranteed the supply of up to 200,000 barrels of oil a day for 10 years to Chinese state-owned oil firm Sinopec, news agency Bloomberg had reported.

The Brazilian oil firm also sealed an agreement last year with three Chinese banks involving loans worth a total of US$10 billion. The sum included US$5 billion from the China Development Bank.