Brazilian state-owned oil company Petrobras has signed a US$1bn loan with a syndicate of Japanese banks and export credit agencies (ECAs).
The loan is co-financed by the Japanese Bank for International Co-operation (JBIC) with US$600mn, and the Bank of Tokyo-Mitsubishi UFJ (BTMU) with US$400mn. JBIC is also providing a partial guarantee on the deal.
It will finance two projects in Rio de Janeiro to help reduce greenhouse gas emissions at Petrobras’ Comperj oil refinery and multiple offshore oil concessions in the Campos Basin.
This is JBIC’s largest loan extended within its global action for reconciling economic growth and environmental preservation (GREEN) programme.
The ECA hopes the deal will help Brazil meet its target to cut greenhouse gas emissions by 36 to 39% by 2020, as well as Petrobras’ medium-term plans to improve energy efficiency.