Business Services Industry
Brazil: Eximbank maintains project finance plans for Petrobras.
South American Business Information, August, 1999
The Japanese Eximbank will sign an agreement with Petrobras until the
of this month in order to finance the company's oil & gas research and development projects in Campos, State of Rio de Janeiro, Brazil.Eximbank, though, aims to avoid the Brazilian default by having the loan guaranteed by oil or dollar. Petrobras will take out a loan of nearly US$3bil from the Eximbank to finance the development of the Barracuda-Caratinga, EVM (Espadarte, Voador and Marimba) and Albacora oil fields in Campos. Some US$1.5bil of the total will be lent to Mitsubishi and Itochu, Petrobras' partners in the development of the Barracuda-Caratinga oil field, which will demand overall investments of US$2.3bil. Eximbank will also lend US$1bil to Mitsui and Marubeni for the...
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