World News
Petrobras Gets $1.5 billion Japanese Loan
The Japan Bank for International Cooperation (JBIC) has agreed to loan up to $1.5 billion to Brazil's Petroleo Brasileiro SA (Petrobras), the state-owned oil company said in a press release.
The funding will allow Petrobras to buy equipment and services from Japanese companies in Brazil and elsewhere.
The deal is based on a memorandum of understanding that JBIC and Petrobras signed in October 2012.
"The two financing programs taken out represent vast funding possibilities for these entities, offering new ways of financing, and will further strengthen the relationship between the parties," Petrobras said.
Mizuho Bank Ltd. will act as the agent bank for the lines of credit, which will be 60 percent financed by JBIC and 40 percent by private Japanese financial institutions insured by Nippon Export and Investment Insurance (NEXI).
As part of last year's deal, the two entities agreed to work together to build a cogneration project in Rio de Janeiro and extract natural gas from 18 offshore oil fields, Dow Jones Newswires reports.
In May, Petrobras announced that it had sold a record-breaking $11 billion in bonds to help finance offshore oil development.
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