Petrobras Inks $1.5B Financing Agreement with JBIC
Petroleo Brasileiro S.A. (Petrobas) announced that the company has signed two financing programs in Rio de Janeiro with the Japan Bank for International Cooperation (JBIC) for the offer of two lines of credit amounting to $1.5 billion. Mizuho Bank, Ltd. is the agent bank for these programs and the lines of credit will be 60 percent financed by JBIC and 40 percent by private Japanese financial institutions, which are insured by Nippon Export and Investment Insurance (NEXI).
The lines of credit are for Petrobras to purchase equipment and services from Japanese companies in Brazil and abroad, based on the memorandum of understanding signed in October 2012, when a strategic partnership between JBIC and Petrobras was established.
Petrobras and JBIC have built up a close cooperative relationship over many years, with a number of joint operations already implemented. 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.
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