12/16/2008 11h07
Petrobras project receives US$ 230 million from BNDES
Folha de S. Paulo - 12/16/2008
Yesterday, BNDES (Brazilian Development Bank) announced a R$ 528 million (US$ 230 million) loan to Petrobras. The funds will be destined to the gas exploration and production project of the
Mexilhão field, located in the basin of Santos - in area out of the pre-salt layer. The financing will be made as a bridge loan. In other words, the state bank advances the funds while it analyses the approval of a long term credit line. This kind of financing used to be made by private banks. But, with the crisis, the lines were closed and the BNDES started offering this kind of loans - it offered this type of loan to the winners of the public tender for the transmission lines of the power plants of Rio Madeira, in the end of last month. BNDES' loan will be taken by
Companhia Mexilhão do Brasil, a specific purpose company connected to Petrobras. The financing will be valid during the whole construction stage of the platform that will operate in the field.
