China Eximbank provides $900 million disbursement to Petrobras (Linked to Project ID#59380)
Commitment amount
$ 980864773.090809
Adjusted commitment amount
$ 980864773.09
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Brazil
Sector
Action relating to debt (Code: 600)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
In May 2016, the Export-Import Bank of China and Petrobras signed a term sheet for for a $1 billion line of credit to Petrobras Global Trading BV. The agreement was expected to provide funds for equipment and goods that Petrobras has already contracted with other Chinese firms. Petrobras intended to use the proceeds from the borrowing to repay outstanding debt to these other firms and support its 2018-2022 Business Plan and Management strategy to diversify funding sources. On May 30, 2018, an initial disbursement of $900 million was provided to Petrobras through the line of credit. The remaining balance of $100 million was expected to be disbursed by May 2019. Petrobras' borrowing through the line of credit was reportedly insured by Sinosure.
Number of official sources
5
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
Petróleo Brasileiro S.A. (Petrobras) [State-owned Company]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]