20 April 2015, News Wires – Petrobras has agreements in place to meet all of its funding requirements for the year, the beleaguered Brazilian giant said.
The state-owned player hatched a number of deals with financial institutions late last week that are set to collectively bring in more than $3 billion, with almost the same amount coming from a platform sale-and-leaseback transaction.
The $3 billion co-operation agreement with Standard Chartered Bank for the sale-and-leaseback of an unspecified number of production platforms has a 10-year period.
Petrobras also closed a deal with Banco do Brasil for 4.5 billion reais ($1.48 billion) in export financing for a six-year period.
A 3 billion reais standby loan facility with Bradesco has a five-year period, the same term as a 2 billion reais standby loan with Caixa Economica Federal.
“These transactions, along with the ones already entered into this year, will meet the company’s 2015 financing requirements,” Petrobras said on Friday of the four deals.
“Petrobras will continue to assess financing opportunities aimed at anticipating some of the requirements for 2016,” it added.
The company also approved a $13.7 billion divestment plan for this year and next.