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Brazil has agreed to supply up to 100,000 barrels of oil per day to China, the head of Brazil's State-owned oil and gas giant Petrobras said on Thursday.

The Brazilian company also signed an agreement for a $10 billion loan from the China Development Bank, which will be used to finance the exploration for oil in Brazil.

The agreements were signed during Vice-President Xi Jinping's official visit to Brazil. He met Brazilian President Luiz Inacio Lula da Silva on Thursday.