November 5, 1998
Brazil's Petrobras To Ink $1.6B Loan In
Nov - Renno
Dow Jones Newswires
BUENOS AIRES -- The president of Petroleo Brasileiro SA (E.PTB), or
Petrobras, said Thursday he expects the state-owned energy giant to land
a $1.6-billion syndicated bank loan in late November to finance three
projects in Brazil's Campos Basin.
In a brief interview, Petrobras chief Joel Renno said the loan would carry a
maturity of 12 to 15 years.
Proceeds would be used to finance projects in the Espadarte, Voador and
Marimba areas of Campos, located northeast of Rio de Janeiro, he said.
Renno, attending the inauguration of Petrobras's first service station outside
Brazil in the Argentine city of Zarate, didn't provide further details.
As reported, Petrobras signed a letter of intent for the financing last month,
but provided few details. It said it signed the letter with ABN-Amro Inc,
Australia & New Zealand Banking Group Ltd (ANZ), Chase Manhattan
(CCF), Credit Suisse First Boston (Z.CSG), Fuji Bank Ltd (J.FUJ), and
Banco of Tokyo-Mitsubishi (J.BOT).
The fields have 428 million barrels of reserves. Petrobras expects they will
reach peak production, of 72,500 barrels per day, in 2000.
-By Helen Murphy and Christopher Chazin;
541-315-1690; cchazin@ap.org |
