Funding for the Mexilhão Project

abarrelfullabarrelfull wrote on 23 Jul 2012 14:09

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December 15, 2008

PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that its related Special Purpose Company (SPC), Companhia Mexilhão do Brasil (CMB), has signed with Brazilian Development Bank (BNDES) a bridge loan in the amount of R$528 million to finance the end of the construction phase of Mexilhão 1 Platform (PMXL-1), that can be refinanced by a long term loan after that.

PMXL-1 will be operated by Petrobras and will be installed in the Mexilhão Field, located in the Santos Basin. The platform will be capable of treating 15 million cubic meters of gas per day and it will be attached to the seabed at a depth of 172 meters from the waterline, at about 145 km off the coast.

The gas produced in Mexilhão will be offloaded via a 34-inch offshore gas pipeline to the “Monteiro Lobato” Gas Treatment Unit (UTGCA) in Caraguatatuba, Northern Coast of the State of São Paulo. Then, it will be transported from the Caraguatatuba-Taubaté Gas Pipeline (Gastau) to the existing pipelines.

The Mexilhão Project will increase the supply of gas to meet part of the Southeastern Region’s demand and will reduce the import needs of natural gas in Brazil. The Mexilhão Project is part of the Gas Production Anticipation Plan (Plangás).

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