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Credit Lines for Petróleo Brasileiro S.A. of Brazil

  • Region: Latin America and the Caribbean
  • Machinery and Equipment
  • Export Loans
NR/2013-41
July 17, 2013
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed on July 16 (Rio de Janeiro time), two general agreements with Petróleo Brasileiro S.A. (PETROBRAS), the state-owned oil company of the Federative Republic of Brazil, for offering two credit lines amounting up to 900 million U.S. dollars (JBIC portion) in total. An agent will be Mizuho Bank, Ltd. and the credit lines are cofinanced with private financial institutions, which brings the cofinanced amounts to 1,500 million U.S. dollars in total, being covered by Nippon Export and Investment Insurance (NEXI)'s insurance for the portion cofinanced.  
     
  2. The credit lines are offered to PETROBRAS to finance the purchase of equipment and services from Japanese companies, based on the memorandum of understanding on the strategic partnership*1 between JBIC and PETROBRAS signed in October 2012. 
     
  3. Brazil is the largest country in Central and South America with the population of 198.4 million people (the year 2012) and GDP of 2,253.1 billion U.S. dollars (the year 2012). Also, in JBIC's FY2012 Survey Report on Overseas Business Operations by Japanese Manufacturing Companies, it ranked 6th in the Promising Countries/Regions for Business Operations over Medium-term, and it is expected to expand business opportunities for Japanese companies. As part of "Japan Revitalization Strategy" announced on June 14 this year by the Japanese government, supporting Japanese companies through the credit lines will contribute to maintaining and improving the international competitiveness of Japanese industries, as well as strengthening of the economic relationship between the two countries.  
     
  4. As a public financial institution, JBIC will continue to support Japanese industries, by drawing on its various financial facilities and schemes for structuring projects, and by performing its risk-assuming function. 
Note
  1. *1 See Press Release on October 12, 2012.

 

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