Brazilian state-owned oil company Petróleo Brasileiro SA (Petrobras) has repaid early US$3 billion it borrowed from the China Development Bank, which was not due to be repaid until 2024, Agência Brasil reports.

The Brazilian state-run news agency quotes Petrobas as saying the company will repay on December 16 another US$5 billion it borrowed from the Chinese state-owned bank, which is not due to be repaid 2027.

Petrobas said the early repayments released it from an obligation while it still owed the money to offer Chinese companies 100,000 barrels of oil a day or its equivalent under market conditions.

The early repayments are part of the effort by Petrobas to reduce its debt burden, Agência Brasil says.