Petrobras negotiates project finance with Japanese Eximbank

Aug 25, 1999 02:00 AM

Henri Philippe Reichstul, Petrobras' president, informed that it will sign a project finance agreement with the Japanese Eximbank.
Petrobras' goal is to take out a $ 2.3 bn immediate loan from the Eximbank, out of the $ 4.9 bn that will be provided by the institution concerning project finances for the research and development of oilfields in Campos, State of Rio de Janeiro, Brazil.

Petrobras, which will develop projects in Campos and the construction of a natural gas-fired thermoelectric plant in the north-eastern region of Brazil along with Japanese trading companies, informed that the overall project finance amount may reach $ 5.1 bn, including interest rates.
Eximbank will finance 60 % of each project, while the remaining amount will be financed by private banks like Deutsche Bank, ABN Amro, Industries Bank of Japan and Fuji Bank.

Source: Sabi via Newspage
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