Ex-Im Bank Approves Export Loans for Petrobras Platform

The Export-Import Bank of the United States (Ex-Im Bank) has approved a $39 million loan guarantee to support the sale of U.S. equipment to a wholly-owned subsidiary of Petroleo Brasileiro, S.A. (Petrobras), to be installed on one of the world's largest oil production platforms off the coast of Brazil.

Using equipment provided by Petreco International Inc. and National Tank Co., both of Houston, Tex., and numerous other U.S. suppliers, Petrobras will build the P-52 semi-submersible floating platform to be stationed in the Roncador Oil Field, located 80 miles off Brazil's coast in the Campos Basin. It will produce 180,000 barrels of oil and 330 million cubic feet of gas per day.

"Not only will this transaction support U.S. exports and jobs around the country, as well as Brazil's economic development, but it also could pave the way for significant future U.S. export sales related to well drilling and completion work," said Ex-Im Bank Chairman Philip Merrill. "And 41 percent of the export sale involves small businesses."

The guaranteed lender on the transaction is BNP-Paribas, New York, NY. Other export credit agencies also are contributing to the financing of the platform project.

Ex-Im Bank, the official export credit agency of the United States, is in its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance and direct loans. In fiscal year 2004, Ex-Im Bank authorized financing to support $17.8 billion of U.S. exports worldwide.


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