a) Project financing for Petrobras (PBR)

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PBR » Topics » a) Project financing

This excerpt taken from the PBR 6-K filed Nov 19, 2009.

9 Project financing

Petrobras carries out projects jointly with Brazilian and international financial agents and with companies in the petroleum and energy sector for the purpose of making feasible the investments needed in the business areas in which the Company operates.

This excerpt taken from the PBR 6-K filed Aug 18, 2009.

a) Project financing


Project / Estimated
investment	Purpose	Main guarantees	Current stage
Barracuda and Caratinga US$ 3.1 billion	To make the development of the production of the Barracuda and Caratinga fields, in the Campos Basin viable. SPE Barracuda e Caratinga Leasing Company B.V. (BCLC) is responsible for setting up all the assets (wells, submarine equipment and production units)required for the project. It is also the owner of them.	Guarantee provided by Brasoil to cover BCLC’s financial needs.	Operating.

NovaMarlim US$ 834 million	Consortium with NovaMarlim Petróleo S.A. (NovaMarlim) which provides submarine equipment for petroleum production and reimburses operating costs arising from operating and maintaining the field assets through an advance already made to Petrobras.	30% of the production of the field limited to 720 days.	Operating. The exercise of the option for purchase of the shares of Nova Marlim Participações (holding company of Nova Marlim) by Petrobras is forecast for the second half of 2009.

CLEP US$ 1.25 billion	Companhia Locadora de Equipamentos Petrolíferos (CLEP) provides for the use of Petrobras assets linked to petroleum production located in the Campos Basin, through a lease agreement for a period of 10 years, at the end of which Petrobras will have the right to acquire the shares of the SPE or the project’s assets.	Lease prepayments, in the event the revenue is not sufficient to meet obligations with financiers.	Operating.

PDET US$ 1.18 billion	PDET Offshore S.A. is the owner of the project’s assets and its purpose is to improve the infrastructure for transfer of the oil produced in the Campos Basin to the refineries in the Southeast Region and for export. These assets have been leased to Petrobras until 2019.	All the project’s assets	Operating.

Malhas	A consortium between Transpetro, Transportadora Associada de Gás (TAG), ex TNS, Nova Transportadora do Sudeste (NTS)	Prepayments based on transport	Operating.

This excerpt taken from the PBR 6-K filed Jun 8, 2009.

a) Project financing


Project / Estimated investment	Purpose	Main guarantees	Current stage

Barracuda and Caratinga US$ 3,1 billion	To make the development of the production of the Barracuda and Caratinga fields, in the Campos Basin viable. SPE Barracuda e Caratinga Leasing Company B.V. (BCLC) is in charge of setting up all the assets (wells, submarine equipments and production units) required for the project. It is also the owner of them.	Guarantee provided by Brasoil to cover BCLC's financial needs.	Operating.



Marlim US$ 1,5 billion	Consortium with Companhia Petrolífera Marlim (CPM), which provides Petrobras with the submarine equipment for petroleum production in the Marlim field.	70% of the production of the field limited to 720 days.	Operating. See note 28.5 on the purchase option of MarlimPar by Petrobras.



NovaMarlim US$ 834 million	Consortium with NovaMarlim Petróleo S.A. (NovaMarlim) which provides submarine equipment for petroleum production and reimburses operating costs arising from operating and maintenance the field assets through an advance already made to Petrobras.	30% of the production of the field limited to 720 days.	Operating.



CLEP US$ 1,25 billion	Companhia Locadora de Equipamentos Petrolíferos (CLEP) provides, for the use of Petrobras, assets linked to petroleum production located in the Campos Basin, through a lease agreement for a period of 10 years, at the end of which Petrobras will have the right to acquire the shares of the SPE or the project's assets.	Lease prepayments, in the event the revenue is not sufficient to meet obligations with financiers.	Operating.



PDET	PDET Offshore S.A. is the owner of the project’s assets and its objective is to improve the infrastructure for transference	All the project's assets.	Operating.

This excerpt taken from the PBR 20-F filed May 22, 2009.

Project Financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings.” Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the

special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$6,795 million at December 31, 2008, compared to U.S.$6,278 million at December 31, 2007. This increase in outstanding project financing was primarily due to increased debt relating to the Gasene, Codajás and CDMPI projects. See Note 14 of our consolidated financial statements for the year ended December 31, 2008.

As of December 31, 2008, the long-term portion of our project financings becomes due in the following years:


	Amount Due
	(U.S.$ million)

2010		529
2011		878
2012		335
2013		335
2014		384
2015 and thereafter		2,554

		5,015

PifCo

This excerpt taken from the PBR 6-K filed Mar 31, 2009.

a) Project financing


Project / Estimated investment	Purpose	Main guarantees	Current stage

Barracuda and Caratinga US$ 3,1 billion	To make the development of the production of the Barracuda and Caratinga fields, in the Campos Basin viable. SPE Barracuda e Caratinga Leasing Company B.V. (BCLC) is in charge of setting up all the assets (wells, submarine equipment and production units)required for the project. It is also the owner of them.	Guarantee provided by Brasoil to cover BCLC's financial needs.	Operating.



Marlim US$ 1,5 billion	Consortium with Companhia Petrolífera Marlim (CPM), which provides Petrobras with the submarine equipment for petroleum production in the Marlim field.	70% of the production of the field limited to 720 days.	Operating. The exercise of the option for purchase of MarlimPar by Petrobras is predicted for the first quarter of 2009.



NovaMarlim US$ 834 million	Consortium with NovaMarlim Petróleo S.A. (NovaMarlim) which provides submarine equipment for petroleum production and reimburses operating costs arising from operating and maintaining the field assets through an advance already made to Petrobras.	30% of the production of the field limited to 720 days.	Operating.



CLEP US$ 1,25 billion	Companhia Locadora de Equipamentos Petrolíferos (CLEP) provides, for the use of Petrobras, assets linked to petroleum production located in the Campos Basin, through a lease agreement for a period of 10 years, at the end of which Petrobras will have the right to acquire the shares of the SPE or the project’s assets.	Lease prepayments, in the event the revenue is not sufficient to meet obligations with financiers.	Operating.



PDET US$ 1,18 billion	PDET Offshore S.A. is the future owner of the project’s assets and its objective is to improve the infrastructure for transfer of the oil produced in the Campos Basin to the refineries in the Southeast Region and for exporting. The assets, once they are established, will be leased to Petrobras until 2019.	All the project’s assets will be given in guarantee.	In the stage of setting up the assets.

Table of Contents


Project / Estimated investment	Purpose	Main guarantees	Current stage

Malhas US$ 1,11 billion	A consortium between Transpetro, Transportadora Nordeste Sudeste (TNS), Nova Transportadora do Sudeste (NTS) and Nova Transportadora do Nordeste (NTN). NTS and NTN contribute to the consortium through setting up assets related to the transport of natural gas. TAG (a company fully owned by Gaspetro) provides assets that have already been built previously. Transpetro contributes as an operator of the gas pipelines.	Prepayments based on transport capacity to cover any eventual consortium cash shortages.	The Campinas- Rio stretch, which is already operating, was completed on May 18, 2008, while the Catu- Carmópolis stretch is in the final stages of completion.



Modernization of Revap US$ 1,2 billion	The objective of this project is to increase the heavy oil processing capacity of the Henrique Lage Refinery (Revap), bringing the diesel it produces into line with new Brazilian specifications and reducing pollution emission levels. To do this, the SPE, Cia. de Desenvolvimento e Modernização de Plantas Industriais (CDMPI) was created, which will build and lease to Petrobras a delayed coking plant, a coke naphtha hydro-treatment unit and the related units to be installed in this refinery. The executive committee has authorized an increase of US$ 300 million in the investment.	Prepayments of leasing to cover any eventual cash shortages of CDMPI.	In the stage of setting up the assets.



Cabiúnas US$ 850 million Consolidated in the leasing agreement	Project with the object of increasing the transport capacity for the Campos Basin gas production. Cayman Cabiunas Investment Co. Ltd. (CCIC) provides the assets to Petrobras under an international lease agreement.	Pledge of 10.4 billion m³of gas.	Operating.



Other (Albacora, Albacora/Petros and PCGC) US$ 495,5 million		Ownership of the assets or payment of an additional lease in the event the revenue is not sufficient to meet obligations with financiers.	Operating.

Table of Contents

This excerpt taken from the PBR 6-K filed Mar 30, 2009.

Project Financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$6,795 million on December 31, 2008 compared to U.S.$6,278 million on December 31, 2007. This increase in outstanding project financing was primarily due to increased debt relating to the Gasene, Codajás and CDMPI projects. See Note 14 of our consolidated financial statements for the year ended December 31, 2008.

This excerpt taken from the PBR 6-K filed Nov 28, 2008.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$7,135 million on September 30, 2008, compared to U.S.$6,278 million on December 31, 2007. This increase in outstanding project financing was primarily due to the increase in debt related to the Gasene, Codajás and Companhia de Desenvolvimento e Modernização de Plantas Industriais - CDMPI projects. See Note 12 of our unaudited consolidated financial statements for the nine-month period ended September 30, 2008.

This excerpt taken from the PBR 6-K filed Nov 12, 2008.

a) Project financing


Project / Estimated investment	Purpose	Main guarantees	Current stage

Barracuda and Caratinga US$ 3,1 billion	To make the development of the production of the Barracuda andCaratinga fields in the Campos Basin viable. The SPE Barracuda and Caratinga Leasing Company B.V. (BCLC) is in charge of building all the assets (wells, submarine equipment and production units) required for the project. It also owns them.	Guarantee provided by Brasoil to cover BCLC’s financial needs.	Operating, with assets in the final stage of construction.


Marlim	Consortium with Companhia Petrolífera Marlim (CPM), which provides Petrobras with submarine equipment for petroleum production in the Marlim field.	70% of the production of the field limited to 720 days.	Operating.

US$ 1,5 billion



NovaMarlim	Consortium with NovaMarlim Petróleo S.A. (NovaMarlim) which provides submarine equipment for petroleum production and reimburses operating costs arising from operating and maintaining the field assets through an advance already made to Petrobras.	30% of the production of the field limited to 720 days.	Operating.


US$ 834 million



CLEP	Companhia Locadora de Equipamentos Petrolíferos (CLEP)provides, for Petrobras’s use, assets linked to petroleum production located in the Campos Basin, through a lease agreement for a period of 10 years, at the end of which Petrobras will have the right to acquire shares in the SPE or the project’s assets.	Lease prepayments in the event the revenue is not sufficient to meet the obligations with financers.	Operating.

US$ 1,3 billion




PDET	PDET Offshore S.A. is the owner of the project’s assets and its objective is to improve the infrastructure for transfer of the oil produced in the Campos Basin to the refineries in the Southeast region and for exporting. The assets will be leased to Petrobras for 12 years.	All the project’s assets will be pledged as collateral	Operating.

US$ 1,2 billion

This excerpt taken from the PBR 6-K filed Sep 4, 2008.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$7,306 million at June 30, 2008, as compared to U.S.$6,278 million at December 31, 2007. This increase in outstanding project financing was primarily due to the increase in debt related to the Gasene, Codajás and Cia. de Desenvolvimento e Modernização de Plantas Industriais - CDMPI Projects. See Note 12 of our unaudited consolidated financial statements for the six-month period ended June 30, 2008.

This excerpt taken from the PBR 6-K filed May 22, 2008.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$6,483 million at March 31, 2008, as compared to U.S.$6,278 million at December 31, 2007. This increase in outstanding project financing was primarily due to the increase in debt related to the Gasene Project. See Note 12 of our consolidated financial statements for the three-month period ended March 31, 2008.

This excerpt taken from the PBR 6-K filed Mar 18, 2008.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$6,278 million at December 31, 2007, as compared to U.S.$6,374 million at December 31, 2006. This decrease in outstanding project financing was primarily due to the fact that U.S. dollar disbursements were slightly less than regularly scheduled amortizations, as well as the conclusion of EVM financing structure and the prepayment of obligations related to NTS and NTN projects by PifCo. See Note 14 of our consolidated financial statements for the year ended December 31, 2007.

This excerpt taken from the PBR 6-K filed Nov 29, 2007.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$ 6,093 million at September 30, 2007, as compared to U.S.$ 6,374 million at December 31, 2006. This decrease in outstanding project financing was primarily due to the conclusion of EVM financing structure and the prepayment of obligations related to NTS and NTN projects by PifCo. See Note 12 of our unaudited consolidated financial statements for the nine-month period ended September 30, 2007.

This excerpt taken from the PBR 6-K filed Sep 6, 2007.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$ 5,777 million at June 30, 2007, as compared to U.S.$ 6,374 million at December 31, 2006. This decrease in outstanding project financing was primarily due to the conclusion of EVM financing structure and the prepayment of obligations related to NTS and NTN projects by PifCo. See Note 9 of our unaudited consolidated financial statements for the six-month period ended June 30, 2007.

This excerpt taken from the PBR 6-K filed Jun 13, 2007.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$ 6,898 million at March 31, 2007, as compared to U.S.$ 6,374 million at December 31, 2006.

This excerpt taken from the PBR 6-K filed Apr 10, 2007.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$ 6,374 million at December 31, 2006, as compared to U.S.$ 6,042 million at December 31, 2005.

This excerpt taken from the PBR 6-K filed Nov 28, 2006.

Project financing

Since 1997, we have utilized project financings to provide capital for our extensive exploration and production operations and related projects, including some natural gas processing and transportation systems. All of these projects and the related debt obligations of special purpose companies established for these financings are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$ 6,296 million at September 30, 2006, as compared to U.S.$ 6,042 million at December 31, 2005.

This excerpt taken from the PBR 6-K filed Sep 6, 2006.

Project financing

Since 1997, we have utilized project financings to provide capital for our large exploration and production and related projects, including some natural gas processing and transportation systems. All of these projects, and the related debt obligations of special purpose companies established for these financings, are on-balance sheet and accounted for under the line item “Project Financings”. Under typical contractual arrangements, we are responsible for completing the development of the oil and gas fields, operating the fields, paying all operating expenses relating to the projects and remitting a portion of the net proceeds generated from the fields to fund the special purpose companies’ debt and return on equity payments. At the end of each financing project, we have the option to purchase the project assets from the special purpose company or, in some cases, acquire control over the special purpose company itself.

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$ 5,450 million at June 30, 2006, as compared to U.S.$ 6,042 million at December 31, 2005.

This excerpt taken from the PBR 6-K filed Aug 25, 2006.

ii) Project financing

		Main	Investment	Current
Project	Purpose	guarantees	amount	phase

Amazônia	Development of two projects in the Gas and	Being negotiated	US$ 1,3 billion	A bridge loan in the amount
	Energy area: construction of a gas pipeline			of R$ 800 million was
	with a length of 385 km, between Coari and			obtained from BNDES in
	Manaus and a 285 Km GLP pipeline between			December 2005. Asset
	Urucu and Coari under the responsibility of			acquisition is in its initial
	Transportadora Urucu - Manaus S.A. and			phase
	construction of a thermoelectric plant, in
	Manaus, with capacity of 488 MW through
	Companhia de Geração Termelétrica
	Manauara S.A.


Marlim Leste	In order to develop production in the Marlim	Completion: the flow	US$ 1,03 billion	A US$ 300 million bridging
(P-53)	Leste field, PETROBRAS will use Floating	of charter payments to		loan from ABN AMRO was
	Production Unit P-53, to be chartered from	be made by		renewed in May 2006 and
	Charter Development LLC, a company	PETROBRAS will		a US$ 500 million loan
	incorporated in the state of Delaware, USA.	begin at a Certain		obtained from a syndicate
	The Bare Boat Charter agreement will be	Date.		of commercial banks in
	effective for a 15-year period starting from the			November 2005.
	date of signature.	Cost Overrun: Any		The project’s assets are
		increase in P-53		currently under
		construction costs will		construction
		represent an increase
		in charter amounts
		payable by
		PETROBRAS.


GASENE	TRANSPORTADORA GASENE S.A. will own	To be defined.	US$ 2 billion	Obtainment of a bridging
	the Southeast- Northeast gas pipeline, which			loan from the BNDES to
	aims at interconnecting the Southeastern and			the amount of R$ 800
	Northeastern gas pipeline networks, thus			million in December 2005.
	forming the Brazilian Natural Gas			Beginning of construction
	Transportation Network (Rede Brasileira de			work on the GASCAV
	Transporte de Gás Natural - RBTGN).			pipeline, estimated at US
				$500 million.


MEXILHÃO	Construction of a platform (PMXL-1) to	To be defined	US$ 595 million	Obtainment of short-term
	produce natural gas at Campos de Mexilhão			funds to the amount of
	and Cedro, located in the Bacia de Campos,			USD 86 million, through the
	State of São Paulo, which shall be held by			issuance of Promissory
	Companhia Mexilhão do Brasil (CMB),			Notes acquired by the BB
	responsible for obtaining the funds necessary			Fund. Constitution of the
	to build such platform. After building the			assets at the initial stage.
	PMXL-1 shall be leased to Petrobras, holder
	of the exploration and production concession
	in the aforementioned fields

		Main	Investment	Current
Project	Purpose	guarantees	amount	Phase

P-55 and P-57	This project aims to develop production at Module 3 in the Roncador field (P-55) and Phase 2 of Deepblue Charter LLC, responsible for jointly contracting four SPCists to build the UEP: one for the P-55 hull, another for the P-57 hull, as well as two other for Generation and Compression Modules for both UEPs. At the end, PNBV shall charter the P-55 from Deepwater and the P-57 from Deepblue and will sub-charter them to Petrobras.	Future chartering commitment of Petrobras with PNBV and PNBV with the owner of UEP (Deepwater and Deepblue).	US$ 1,96 billion	Undergoing selection process for the SPCists (IDB with interaction)

This excerpt taken from the PBR 6-K filed Jun 28, 2006.

Project financing

Outstanding project financing, plus the current portion of our project financing, totaled U.S.$ 5,539 million at March 31, 2006, as compared to U.S.$ 6,042 million at December 31, 2005.

This excerpt taken from the PBR 6-K filed Jun 26, 2006.

ii) Project financing


		Main	Investment	Current
Project	Purpose	guarantees	amount	phase

Amazônia	Development of two projects in the Gas and Energy area: construction of a gas pipeline with a length of 395 km, between Coari and Manaus, under the responsibility of Transportadora Urucu - Manaus S.A. and construction of a thermoelectric plant, in Manaus, with capacity of 488 MW through Companhia de Geração Termelétrica Manauara S.A.	Being negotiated	US$ 1.3 billion	A bridge loan in the amount of R$ 800 million was obtained from BNDES. Asset acquisition is in its initial phase





Marlim Leste (P-53)	In order to develop production in the Marlim Leste field, PETROBRAS will use Floating Production Unit P-53, to be chartered from Charter Development LLC, a company incorporated in the state of Delaware, USA. The Bare Boat Charter agreement will be effective for a 15-year period counted from the date of signature.	Completion: theflow of charter payments to be made by PETROBRAS willbegin at a Certain Date. Cost Overrun: Any increase in P-53 construction costs will represent an increase in charter amounts payable by PETROBRAS.	US$ 1.03 billion	Financing in the amount of US$ 500 million was obtained. Assetacquisition is in its initial phase





GASENE	TRANSPORTADORA GASENE S.A. will own the Southeast- Northeast gas pipeline, which aims at interconnecting the Southeastern and Northeastern gas pipeline networks, thus forming the Brazilian Natural Gas Transportation Network (Rede Brasileira de Transporte de Gás Natural - RBTGN).	To be defined.	US$ 2 billion	A bridge loan in theamount of R$ 800million was obtained from BNDES. Construction of the Gasoduto Cabiúnas- Vitória (GASCAV) gas pipeline is in its initial phase.














MEXILHÃO	Construction of a platform (PMXL-1) to produce natural gas at Campos de Mexilhão and Cedro, located in the Bacia de Campos, State of São Paulo, which shall be held by Companhia Mexilhão do Brasil (CMB), responsible for obtaining the funds necessary to build such platform. After building the PMXL-1 shall be leased to Petrobras, holder of the exploration and production concession in the aforementioned fields	To be defined	US$508 million	A bridge loan was obtained from PIFCO in the amount of US$ 86 million. It is in its initial phase with UNIBANCO, the banking institution contracted as the project’s financial advisor.

REVAP
Modernization

This project aims at increasing the capacity of Henrique Lage Refinery (REVAP) to process heavy national oil, to adjust diesel volumes produced to new specifications required locally and to decrease the discharge of pollutants. Accordingly, the special purpose company Cia. de Desenvolvimento e Modernização de Plantas Industriais - CDMPI was created to build and lease to PETROBRAS an HDS unit, an HDT plant and related units in that refinery.

Advanced rental payments to cover any CDMPI shortfalls.

US$ 900 million

The commitment agreement was signed, with no bridge loan demand. In final negotiation status.

P-55 and
P-57

This project aims to develop production at Module 3 in the Roncador field (P-55)and Phase 2 of Deepblue Charter LLC, responsible for jointly contracting four SPCists to build the UEP: one for the P- 55 hull, another for the P-57 hull, as well as two others for Generation and Compression Modules for both UEPs. At the end, PNBV shall charter the P-55 from Deepwater and the P-57 from Deepblue and will sub-charter them to Petrobras.

Future chartering commitment of Petrobras with Pn BV and PNBV with the owner of UEP (Deepwater and Deepblue).

US$ 1.96 billion

Undergoing selection process for the SPCists (IDB with interaction)

Petrobras (PBR)

PBR » Topics » a) Project financing

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