Loan to Petróleo Brasileiro S.A. in Brazil Based on Credit Line
Supporting Additional Installation of Desulfurization-Related Equipment in Brazil under “Global Action for Reconciling Economic Growth and ENvironmental preservation （GREEN）” Operations

• Region: Latin America and the Caribbean
• Infrastructures
• Environment
• Machinery and Equipment
• Untied Loans

1. The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 11 a loan agreement, totaling up to approximately USD218 million (JBIC portion) with Petróleo Brasileiro S.A. (Petrobras), a state-owned oil company in Brazil, based on the credit line set up in November 2025^*1. The loan is co-financed with MUFG Bank, Ltd. and Citibank, N.A., Tokyo Branch, bringing the total co-financing amount to approximately USD364 million. JBIC will also provide a guarantee for the co-financed portion.
     
2. The loan is provided as part of JBIC’s GREEN operation^*2, and is intended to provide Petrobras with the funds necessary for the additional installation of desulfurization-related equipment at an existing refinery in Brazil.
     
3. Petrobras is a national oil company and one of the largest producers of oil and gas in the world operating at low cost and with a low carbon footprint, with the Brazilian government holding a majority stake of the voting shares. Petrobras aims to be recognized as a leading company committed to building a more sustainable world and driving energy transition by 2050. It plans to be a diversified and integrated energy company by expanding its low‑carbon businesses while continuing its traditional oil and gas operations. Under this policy, the company positions the upgrading of facilities in its existing refining operations and the reduction of environmental impact as one of its key measures and is promoting decarbonization through efforts such as cutting emissions of air pollutants.
     
4. In the Fifth Medium-Term Business Plan, released in June 2024, JBIC aims to contribute toward realizing both carbon neutrality and economic growth. In addition, in its ESG Policy, released in October 2021, it is committed to pursuing ambitious and accelerated efforts to reduce its operational GHG emissions to net zero by 2030 and achieving net zero emissions of its finance portfolio by 2050. JBIC will make efforts to contribute toward realizing global carbon neutrality by supporting and accelerating energy transitions toward a decarbonized society in emerging and developing countries. The loan is in line with the Medium-Term Business Plan and ESG Policy of JBIC.
     
5. This loan supports efforts by Petrobras to protect the global environment and strengthens collaboration between Petrobras and Japanese companies in the environmental field. It is also expected to promote the overseas deployment of environmental technologies owned by Japanese companies.
     
6. As Japan’s policy-based financial institution, JBIC will continue to provide financial support to create business opportunities and promote business for Japanese companies in a variety of sectors and will work closely with foreign governments and governmental agencies to address global climate change and resolve social issues.
     

Note

1. *1 
   See Press Release on November 17, 2025.
2. *2 
   See Announcement on July 2, 2018.