与大多数人相比，中国投资者要更关注巴西国家石油公司(Petrobras)的股票增发。
巴西和中国近些年建立了稳固的经济关系，巴西国家石油公司更是凭借与北京的关系（以及由此获得的融资），渡过了艰难时期。
2009年，在全球信贷紧缩，巴西国家石油公司需要为一项1740亿美元的扩张计划筹集资金时，中国国家开发银行(China Development Bank)伸出援手，为该公司提供了100亿美元贷款。
巴西国家石油公司当时表示，这笔贷款将用于投资，以及“向中国企业购买商品和服务”。
对中国来说，更为重要的是，两国之间还达成了一项长期出口协议。巴西国家石油公司同意在2010至2019年间，向中石化(Sinopec)供应每日20万桶的石油，大约相当于巴西国家石油公司当前石油产量的十分之一。
中石化将按市场价格购买这些石油，但该协议的益处就在于能够获得稳定的石油供应。
中国把获得石油和天然气供应视为攸关国家安全的事务，因为中国是仅次于美国的全球第二大石油消费国，而本国的产量还不到需求的一半。
因此，在巴西国家石油公司寻求通过增发募集资金之际，该公司指定中国工商银行(ICBC)为簿记行的决定，被认为明显是为了进一步利用中方的这种兴趣。
“我确信工行会和中国石油(CNPC)以及中石化的投资部门洽谈，”未来资产证券(Mirae Asset Securities)区域能源研究主管关荣乐(Gordon Kwan)表示。
“中国的石油企业可能会投资（巴西国家石油公司），不仅是为了核心业务，也是为了获得投资收益。”
近年来，中国在南美的战略投资成倍增加，主要形式是巴西国家石油公司与中石化之间的这种“石油换贷款”协议，以及收购油田权益。
国开行今年与委内瑞拉签署了200亿美元的贷款协议，去年和中国石油一道，与俄罗斯石油公司(Rosneft Oil)及俄罗斯国家石油管道运输公司(Transneft)达成了250亿美元的贷款协议。该行还与安哥拉签署了一项10亿美元的协议。
今年3月，中海油(CNOOC)以31亿美元收购了阿根廷的Bridas Energy。几个月后，中化集团(Sinochem)又斥资30亿美元，从挪威国家石油公司(Statoil)手里收购了巴西一个油田40%的权益。此外，中海油和中石化正在考虑竞购巴西油气企业OGX的股权。
中国石油巨擘对巴西一些盐层下油田的非经营性权益尤为感兴趣，因为他们借此可以获得具有技术挑战性局面下的经营经验。
中石化和巴西国家石油公司今年4月签署了一项协议，承诺评估未来的合作机遇，包括可能把巴西东北沿海两处需要深水钻探作业的区块出售给中方。
译者/杨远
Chinese investors are looking at the Petrobras share offering more closely than most.
Brazil and China have forged solid economic ties over the past few years, while the oil group’s relationship with Beijing – and the funding this has brought – has sustained it through difficult times.
The China Development Bank, China’s major re-sources lender, came to Petrobras’s aid in 2009 with a $10bn loan at a time when global credit was tight and Petrobras needed to fund a $174bn expansion plan.
The loan was to finance Petrobras investments as well as “the purchase of goods and services from Chinese companies”, according to Petrobras.
More importantly for China, it also secured a long-term export agreement between the two countries. Petrobras agreed to sell Sinopec 200,000 barrels of oil per day – roughly a tenth of Petrobras’s current oil production – from 2010 to 2019.
The oil will be bought at a market price but has the benefit of securing supply to Sinopec.
China considers access to oil and gas supplies a matter of national security as it is the world’s second-largest oil consumer, after the US, and produces less than half it needs domestically.
So, as Petrobras looks to raise capital with its secondary share offering, the decision to name Industrial and Commercial Bank of China as a bookrunner is being seen as a clear effort to further tap this Chinese interest.
“I’m sure that ICBC will be talking to the investment department at CNPC and Sinopec,” says Gordon Kwan, head of regional energy research at Mirae Asset Securities.
“The Chinese oil companies might invest [in Petrobras] not just for core business but also for investment income.”
Strategic investments by China in South America have multiplied in recent years, taking the form of oil-for-loan deals such as that struck between Petrobras and Sinopec and purchases of stakes in oilfields.
CDB struck a $20bn loan agreement this year with Venezuela and, together with CNPC, agreed a $25bn loan deal last year with Rosneft and Transneft. The bank has also negotiated a $1bn deal with Angola.
Cnooc purchased a stake in Argentina’s Bridas Energy in March for $3.1bn and a few months later Sinochem spent $3bn to buy a 40 per cent stake in a Brazilian oilfield from Statoil. Cnooc and Sinopec are also considering a bid for stakes in OGX, a Brazilian oil and gas company.
China’s oil majors are particularly interested in non-operating stakes in some of Brazil’s pre-salt fields, which could help them gain operating experience in technically challenging situations.
Sinopec and Petrobras struck a deal in April committing them to assess future partnerships, including the possible sale to the Chinese of two blocks off the north-eastern coast of Brazil which require deep water drilling.
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