The Brazilian Development Bank (BNDES) has financed a R$69mn industrial plant near Rio de Janeiro.

The borrower is Jotun Brasil Importação Exportação e Indústria de Tintas and the facility will be used to construct a solvent-based paint plant in Itaboraí, 45km from Rio. The plant will have the capacity to produce 10 million litres of paint annually.

The paints will mainly be used in Brazil’s maritime and offshore oil and gas sector. Jotun is the Brazilian arm of a Norwegian company and this will be its first industrial plant in Brazil. It already, however, has a presence in the Brazilian market, selling anticorrosive primers, polyurethane top coats and antifouling paint.

The company is expected to utilise a substantial Brazilian supply chain.