Japans Ex-imbank to finance Petrobras' projects in Campos

Aug 11, 1999 02:00 AM

The Japanese Eximbank will sign an agreement with Petrobras 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 dollars Petrobras will take out a loan of nearly $ 3 bn from the Eximbank to finance the development of the Barracuda-Caratinga, EVM (Espadarte, Voador and Marimba) and Albacora oil fields in Campos.
Some $ 1.5 bn 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 $ 2.3 bn. Eximbank will also lend $ 1 bn to Mitsui and Marubeni for the development of the EVM oil field, which will demand a total of $ 1.8 bn, and $ 180 mm for the development of the Albacora oil field, which will demand overall investments of $ 300 mm.

Source: Sabi via Newspage
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