JBIC Inks $252M Loan Deal to Support Petrobras FPSO Project

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.
"This is the 9th FPSO system charter to Petrobras by MODEC, which considers Brazil the most promising market for FPSO business," JBIC said in a press release.

Have a news tip? Share it with Rigzone!
Email news@rigzone.com


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)
 -  Proserv Secures Series of Services Dea... (May 23)
 -  BP Urges Engineers to Apply for Trinid... (May 23)
 -  CGG to Support Oman Industry Workers t... (May 23)

Most Popular Articles

From the Career Center
Jobs that may interest you
On- Site Machinist Supervisor
Expertise: Machinist
Location: Virginia Beach, VA
Operations Manager
Expertise: Chemical Engineering|Mechanical Engineering|Project Engineer
Location: Philippi, WV
High Line Inspector
Expertise: Electrical Technician
Location: Midland, TX
search for more jobs

Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
Updated in last 24 hours