The Japan Bank for International Cooperation (JBIC) reported that it has recently signed a loan agreement for up to about $252 million with Tartaruga MV29 B.V. (TARMV29), a company incorporated in the Netherlands in which MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation have equity stakes.
The loan, provided as project financing, will support a project in which a long-term FPSO (floating production, storage and offloading) system chartering service will be offered by TARMV29 to Petroleo Brasileiro S.A. (Petrobras) for the development of the Tartaruga Verde and Tartaruga Mestica oil fields offshore Brazil where the Brazilian state-owned company has interests in.
The $1.263 billion loan is co-financed by Sumitomo Mitsui Banking Corporation (lead arranger), Mizuho Bank, Ltd., ING Bank N.V., Overseas-Chinese Banking Corporation Limited, Clifford Capital Pte. Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., DVB Bank SE, Natixis, Societe Generale, Mitsubishi UFJ Trust and Banking Corporation, Sumitomo Mitsui Trust Bank, Limited and Credit Industriel et Commercial.
Under the project, MODEC will build an FPSO unit with a capacity to produce up to 150,000 barrels of crude oil and 176 million cubic feet of gas per day (MMscf/d), while being equipped with a storage capacity of around 1.6 million barrels of crude oil. TARMV29 will provide charter services (leasing and operation and maintenance services) to Petrobras for 20 years.
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