Petrobras has signed a term sheet with China Exim Bank (Export-Import Bank of China) containing the main terms and conditions for a $1Bn loan.
The Brazilian energy company has recently announced as well the sale of 100% of Petrobras Chile Distribución Ltda to the Southern Cross Group and the sale of its stake in Petrobras Argentina to Pampa Energía.
The cerdit facility with China Exim Bank
The agreement is related to supply contracts for equipment and goods that Petrobras has already signed with Chinese companies to meet the Company’s projects that are included in the 2015-19 Business and Management Plan.
The final loan agreement is already being negotiated, anticipating the funding planned for 2017.
Sales by Petrobras in Chile and Argentina
The transaction negotiated in Argentina with Pampa includes the sale of a 67.19% stake in PESA, a 33.6% retention by Petrobras of the Rio Neuquen concession – areas with high natural gas production potential in the Neuquén Basin, in Argentina – and 100% of the Colpa Caranda asset – natural gas producing fields in Bolivia. The base price of the deal is $892 million, corresponding to $1.327 Bn for 100% of PESA.
Petrobras has completed as well negotiations with the Southern Cross Group on the main terms and conditions for the sale of 100% of Petrobras Chile Distribución Ltda. (“PCD”), owned through Petrobras Caribe Ltd
PCD is the distribution company of Petrobras in Chile and has 279 service stations and 8 fuel distribution terminals, operations at 11 airports, a stake in 2 logistics companies and 1 lubricant plant.
The final value of the deal, after price adjustments agreed between the parties, is estimated to be $490 million.
Both transactions, the one with Pampa and the other with Southern Cross Group are framed into the Divestment Program planned for in the 2015-2019 Business and Management Plan and its completion is subject to the deliberation and approval of its final terms and conditions by the Executive Board and Board of Directors of Petrobras, along with the appropriate regulatory agencies.
Image over the headline.- Photo ©Petrobras News Agency.
