BNDES joins forces for oil and gas programme
Brazil’s development bank BNDES, Petrobras and the Financier of Studies and Projects (FINEP) have signed a US$3bn technical co-operation agreement to support suppliers in the oil and gas industry.
The trio have launched Inova Petro, a joint action plan to promote innovation projects in the supply chain of goods and services. It will also help stimulate private investment, aimed at competitively and sustainably expanding local content in projects from the oil and gas industry.
The programme funds will be aimed at developing technologies related to the following segments: surface processing projects, applicable when processing oil and gas; sub-sea installations, as well as the array of equipment and products that are used below the water surface; and installation of oil and gas offshore wells.
BNDES will support suppliers through its oil and gas programme, technology fund (BNDES Funtec), and subsidiary business corporation BNDESPAR.
Meanwhile, Finep funds will be offered in terms of credit, co-operative and economic grants between technological scientific institutions and companies.
BNDES and FINEP will separately provide support of up to R$1.5bn (US$74mn) while Petrobras will be responsible for the technical support of the programme and will monitor the development of projects aimed at mitigating technical risks in the process. Inova Petro will be available until December 31, 2016, and financing is limited to 90% of the total project value.
Projects should be fully developed in the national territory, and projects that are unlikely to receive support are those that internalise technologies already and apply parent companies in Brazil, BNDES says in a statement.