BNDES, the Brazilian development bank, will provide up to US$642mn to finance two Petrobr‘ oil platforms. The two platforms, P-51 and P-54, will produce 0.36mn barrels per day, starting in 2007.


The BNDES financing will have terms of up to 13.5 years, with up to 3.5 years “grace period. The loans will cost Libor plus 2.5% per year and will be conceded to Petrobras Netherlands, the Dutch subsidiary of Petrobr‘s.


Total investment in the platforms is estimated at US$2.3bn for P-51 and US$2.4bn for P-54.