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China Eximbank provides $900 million disbursement to Petrobras (Linked to Record ID#59380)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Petrobras Global Trading B.V. (PGT BV) |
| Country | Brazil |
| Start Date | May 30, 2018 |
| End Date | May 25, 2027 |
| Duration | 3,282 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 69862 |
Grant Description
China Eximbank provides $900 million disbursement to Petrobras Following a visit by Premier Li Keqiang to Brazil in May 2015, China Eximbank and Petróleo Brasileiro S.A. (Petrobras) signed an agreement in May 2016 regarding a potential $2 billion loan to (a) to pay for goods and services already contracted with Chinese firms, (b) pre-finance resources needed for 2017 and diversify its sources of finance, and (c) fund capital projects.
Then, on October 24, 2016, China Eximbank signed a $1 billion facility agreement with Petrobras Global Trading B.V. (PGT BV) with a final maturity date of May 23, 2019 (captured in record ID #59380). $900 million of the $1 billion credit line was drawn down by the borrower in May 2018 (captured in #69862).
PGT BV was expected to withdraw an additional $100 million from the facility agreement in May 2019.
The borrower ultimately drew down the entire $1 billion facility, but the precise date of the final drawdown is unknown. Petrobras' borrowing through the line of credit was reportedly insured by Sinosure.
Staff Comments
1. Stephenson Harwood LLP served as lender counsel on the transaction. It refers to the facility agreement with China Eximbank as being worth $2 billion, which requires further investigation. See https://web.archive.org/web/20231001213044/https://www.shlegal.com/people/elena-tang#tabs2 and https://capitallinkshipping.com/wp-content/uploads/2019/08/Stephenson-Harwood-Ship-and-offshore-finance-expertise.pdf
Sources & References
- DEMONSTRAÇÕES CONTÁBEIS CONSOLIDADAS
- Disbursement of China Exim Bank loan
- Disbursment of China Exim Bank loan
- Credit Facility with China Exim Bank
- 巴油与中国进出口银行签署贷款协议
- FORM6K MAY 30 2018
- UPDATE 1-Brazil's Petrobras
- China Ex-Im bank sign $1 bln loan deal
- Petrobras receives $900 mln first tranche of China EximBank loan
- 巴油与中国进出口银行签署贷款协议
- 中巴发联合声明 签铁路电力等多领域合作文件
- Latin America And China’s ‘New Normal’ – Analysis
- Li Keqiang’s Latin America Trip: More
- Not Different
- Chinese investment not Brazil panacea: analysts
- PETROBRAS-CHINA RELATIONS: TRADE
- INVESTMENTS
- INFRASTRUCTURE PROJECTS AND LOANS1
- Brazilian Petroleum Corporation – PETROBRAS
- PETROBRAS - PETROLEO BRASILEIRO SA - Finance Debt - Lines of Credit (Detail) $ in Millions 12 Months Ended Dec.
- Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of August, 2018 Commission File Number 1-15106
- Stephenson Harwood Ship and offshore finance
- Elena Tang Managing associate
- Brazil's Petrobras
- China Ex-Im bank sign $1 bln loan deal
- Petrobras Inks US$ 7 Billion Financing Deals With Chinese Banks Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Petrobras Global Trading B.V. (PGT BV)
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