b) Project financing in progress for Petrobras (PBR)

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PBR » Topics » b) Project financing in progress

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

b) Project financing in progress

The assets originating from project financing in progress are recorded in the property, plant and equipment of the SPEs until these assets enter into operation and they are inserted in note 12 of the consolidated statements of Petrobras.


Project	Description	Main guarantees

Amazônia US$ 2.1 billion (*)	Construction of 385 km of gas pipeline between Coari and Manaus, and 285 km of LPG pipeline between Urucu and Coari, both of which are under the responsibility of Transportadora Urucu Manaus S.A.; and the construction of a 488 MW thermal electric power station through Companhia de Geração Termelétrica Manauara S.A.	Pledge of credit rights. Pledge of the shares of the SPE.

Mexilhão US$ 756 million (*)	Construction of a platform (PMXL-1) for production of natural gas in the Mexilhão and Cedro fields in the Santos Basin, which will be held by Companhia Mexilhão do Brasil (CMB), which will be responsible for obtaining the funds needed to build the platform. After it has been built, PMXL-1 will be leased to Petrobras, which holds the concession for exploration and production in the aforementioned fields. After it has been built, PMXL-1 will be leased to Petrobras, which holds the concession for exploration and production in the aforementioned fields.	Pledge of credit rights. Pledge of the shares of the SPE.

Modernization of Revap US$ 1.65 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 authorized an additional payment of funds of US$ 450 million through issuing promissory notes, amounting to a total of US$ 750 million.	Prepayments of leasing to cover any eventual cash shortages of CDMPI.

(*) Estimated value of the investment in the project.

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

b) Project financing in progress


Project / Estimated		Main
investment	Purpose	guarantees	Current stage
Amazônia US$ 2.1 billion	Construction of 385 km of gas pipeline between Coari and Manaus, and 285 km of LPG pipeline between Urucu and Coari, both of which are under the responsibility of Transportadora Urucu Manaus S.A.; and the construction of a 488 MW thermal electric power station through Companhia de Geração Termelétrica Manauara S.A.	Pledge of credit rights. Pledge of the shares of the SPE.	Long-term financing in the amount of R$ 2.49 billion was signed with BNDES in December 2007. A loan was obtained from BB Fund SPC of up to R$ 1.9 billion, and around R$ 1.3 billion is fully represented by the issuing of promissory notes. The LPG pipeline is in the pre-operating stage, and the gas pipeline is in the construction stage. The Aparecida and Mauá branch lines are in the contracting stage.

Mexilhão US$ 756 million	Construction of a platform (PMXL-1) for production of natural gas in the Mexilhão and Cedro fields in the Santos Basin, which will be held by Companhia Mexilhão do Brasil (CMB), which will be responsible for obtaining the funds needed to build the platform. After it has been built, PMXL-1will be leased to Petrobras, which holds the concession for exploration and production in the aforementioned fields.	Pledge of credit rights. Pledge of the shares of the SPE.	Obtaining of short term funding in an amount up to US$ 566 million, through issuing promissory notes acquired by the BB Fund. Obtaining of short-term financing from BNDES in the amount of R$ 528 million in December 2008. Building of assets in progress.

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

b) Project financing in progress


Project / Estimated investment	Purpose	Main guarantees	Current stage

Amazônia US$ 1,4 billion	Construction of 385 km of gas pipeline between Coari and Manaus, and 285 kilometers of LPG pipeline between Urucu and Coari, both of which are under the responsibility of Transportadora Urucu Manaus S.A.; and the construction of a 488 MW thermal electric power station through Companhia de Geração Termelétrica Manauara S.A.	Pledge of credit rights. Pledge of the shares of the SPE.	Long-term financing in the amount of R$ 2,49 billion was signed with BNDES in December 2007. A loan has been obtained from BB Fund SPC of up to R$ 1 billion, fully represented by issuing promissory notes. The LPG pipeline and the gas pipeline are in the construction stage, while the Aparecida and Mauá branch lines are in the contracting stage.



Mexilhão US$ 756 million	Construction of a platform (PMXL-1)for production of natural gas in the Mexilhão and Cedro fields in the Santos Basin, which will be held by Companhia Mexilhão do Brasil (CMB), which will be responsible for obtaining the funds needed to build the platform. After it has been built, PMXL-1will be leased to Petrobras, which holds the concession for exploration and production in the aforementioned fields.	Pledge of credit rights. Pledge of the shares of the SPE.	Obtaining of short term funding in an amount up to US$ 566 million, through issuing promissory notes acquired by the BB Fund. Obtaining of short-term financing from BNDES in the amount of R$528 million in December 2008. Building of assets in progress.

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

b) Project financing in progress


Project / Estimated investment	Purpose	Main guarantees	Current stage

Gasene US$ 3 billion	Transportadora Gasene S.A. is responsible for the construction and future ownership of pipelines for transport of natural gas with a total length of 1.4 thousand kilometers and a transport capacity of 20 million cubic metres per day, connecting the Cabiúnas Terminal in Rio de Janeiro to the city of Catu, in the state of Bahia.	Pledge of credit rights. Pledge of the shares of the SPE.	Long-term financing was signed with BNDES in December 2007 in an amount equivalent to R$ 4,51 billion, including funds transferred from the China Development Bank (CDB) in the amount of US$ 750 million. A loan was obtained from the BB Fund SPC of up to R$ 800 million for construction of the gas pipeline with the issuing of US$ 210 million in promissory notes in October 2006 and US$100 million in December 2008. The first stretch of the Gasene project, the Cabiúnas-Vitória pipeline, entered into operation on November 10, 2008. The second stretch, the Cacimbas-Catu pipeline, is in the construction stage.



Marlim Leste (P-53) US$ 1,8 billion	To develop the production of the Marlim Leste field, Petrobras will use a stationary production unit (UEP), P-53, which will be chartered from Charter Development LLC. The bare boat charter agreement will be executed for a period of 15 years as from the date of signing.	All the project’s assets will be given in guarantee.	Construction of the platform was concluded in September 2008. The project entered into operation at the end of November 2008.



Amazônia US$ 1,4 billion	Construction of 385 km of gas pipeline between Coari and Manaus, and 285 km of LPG pipeline between Urucu and Coari, both of which are under the responsibility of Transportadora Urucu Manaus S.A.; and the construction of a 488 MW thermal electric power station, in Manaus, through Companhia de Geração Termelétrica Manauara S.A.	Pledge of credit rights. Pledge of the shares of the SPE.	Long-term financing in the amount of R$ 2,49 billion was signed in December 2007. A loan has been obtained from BB Fund SPC of up to R$ 1 billion, for which US$ 415 million has already been issued in promissory notes. The LPG pipeline is in the construction stage, while the Aparecida and Mauá branch lines are in the contracting stage.



Mexilhão US$ 756 million	Construction of a platform (PMXL-1)for production of natural gas in the Mexilhão and Cedro fields in the Santos Basin, which will be held by Companhia Mexilhão do Brasil (CMB), which will be responsible for obtaining the funds needed to build the platform. After it has been built, PMXL-1 will be leased to Petrobras, which holds the concession for exploration and production in the aforementioned fields.	To be defined.	Obtaining of short term funding in an amount up to US$ 566 million, through issuing promissory notes acquired by the BB Fund. Obtaining of short-term financing from BNDES in the amount of R$528 million in December 2008. Building of assets in progress.

Table of Contents

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

b) Project financing in progress


Project / Estimated investment	Purpose	Main guarantees	Current stage

Gasene	Transportadora Gasene S.A. is responsible for the construction and future ownership of pipelines for transport of natural gas with a total length of 1,4 thousand km and a transport capacity of 20 million cubic meters per day, connecting the Cabiúnas Terminal in Rio de Janeiro to the city of Catu in the state of Bahia.	Pledge of credit rights. Pledge of shares in the SPE.	Long-term financing signed with BNDES in December 2007 in the amount equivalent to R$ 4,51 billion, including funds transferred from the China Development Bank (CDB) in the amount of US$ 750 million. A loan obtained from BB Fund SPC of up to R$ 800 million for construction of the gas pipeline with the issuing of US$ 210 million in promissory notes in October 2006. The first stretch of the Gasene project, the Cabiúnas-Vitória gas pipeline, is currently in the testing stage, while the second stretch, the Cacimbas-Catu pipeline, is in the construction stage.


US$ 3 billion






Marlim Leste	To develop the production of the Marlim Leste field Petrobras will use a stationary production unit (UEP), P-53, which will be chartered from Charter Development LLC. The bare boat charter agreement will be executed for a period of 15 years as from the date of signing.	All the assets of the project will be given in guarantee.	Construction of the platform was concluded in September 2008. It is predicted that the project will start up operations before the end of the year.
(P-53)

US$ 1,8 billion



Amazônia	Construction of 385 km of gas pipeline between Coari and Manaus, and 285 km of LPG pipeline between Urucu and Coari, both of which are under the responsibility of Transportadora Urucu Manaus S.A.; and construction of a 488 MW thermoelectric power station in Manaus, through Companhia de Geração Termelétrica Manauara S.A.	Pledge of credit rights. Pledge of the shares of the SPE.	Long-term financing in the amount of R$ 2,49 billion was signed with BNDES in December 2007. A loan obtained from BB Fund SPC of up to R$ 1 billion, for which US$ 265 million in promissory notes has already been issued. The LPG pipeline is in the construction stage, while the branch lines are in the contracting stage.

US$ 1,4 billion

EXCERPTS ON THIS PAGE:

6-K	Nov 19, 2009

6-K	Aug 18, 2009

6-K	Jun 8, 2009

6-K	Mar 31, 2009

6-K	Nov 12, 2008

Petrobras (PBR)

PBR » Topics » b) Project financing in progress

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