The Wall Street Journal reported that the Brazilian oil company Petroleo Brasileiro SA (NYSE:PBR), or Petrobras, signed a contract to obtain financing from state-owned China Development Bank for the amount of $3.5 billion.

As quoted in the market news:

Petrobras said the financing is part of a cooperation agreement to be implemented by both sides through 2015 and 2016. The company didn’t disclose additional details of the agreement, which was signed by Petrobras’s international unit, Petrobras Global Trading BV.
On Tuesday, Petrobras’s board approved the sale of certain assets in Argentina for $101 million, as part of its recently announced divestment plan.
The operation marked the first sale of Petrobras’s huge divestment program, announced earlier this month, to sell an estimated $13.7 billion worth of assets in 2015 and 2016.

Click here to read the full Wall Street Journal report.