GASENE Project Financing

abarrelfullabarrelfull wrote on 06 Aug 2015 07:45

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December 14, 2006

PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], have been contracted with Banco Nacional de Desenvolvimento Econômico eSocial (BNDES)Brazilian international energy company, announces that two loans totalling R$1.36 billion hav to thespecial purpose company, Transportadora GASENE S.A., responsible for the implementation of the Southeast Northeast Interconnection Gas Pipeline Project - GASENE.

The first loan, in the amount of R$ 1.05 billion, will be used for the acquisition of pipes for the Cacimbas (ES) - Catu (BA) - GASCAC Gas Pipeline, nearly 940 kilometers long, representing an estimated total investment of R$ 3.5 billion. The second, in the amount of R$ 312 million, will be used for the construction of the Cabiúnas (RJ) - Vitória (ES) - GASCAV Gas Pipeline, approximately 300 kilometers long, with a total investment of R$ 1,5 billion. The Gasene Project consists in constructing natural gas transport pipelines, with total extension
of 1,4 thousand kilometers and transport capacity of 20 million cubic meters per day, connecting the Cabiúnas Terminal, in Rio de Janeiro, to the city of Catu, in Bahia. The project comprises the following sections: Gas Pipeline Cabiúnas (RJ) - Vitória (ES); Gas Pipeline Vitória (ES) - Cacimbas (ES) - (under construction with expected completion in the second half of 2007); and Gas Pipeline Cacimbas (ES) – Catu (BA).

The Gasene Project is part of Petrobras’ Gas Production Anticipation Plan - Plangas (Plano deAntecipação da Produção de Gás), which aims to increase natural gas production and supply in the Southeastern region, in 2006/2010 time frame. Plangas targets an increase of
approximately 24 million of m3/day in the supply of natural gas in the South-Southeast, raising the current availability of 15,8 million of m3/day to 40 million of m3/day by the end of 2008.

Gas Pipeline Cabiúnas - Vitória (GASCAV)
The Gas Pipeline Cabiúnas-Vitória will be approximately 300 km long with a 28-inch nominal diameter “trunk line”, as well as a branch line, extending for 10 km and interconnecting the trunk line to Anchieta (ES). The maximum flow of the trunk line will be 20 million of m3/day of gas, with two compressor stations. The Cabiúnas-Vitória stretch has already preliminary license, installation license and construction authorization, its construction is already under way and the conclusion is scheduled for the second half of 2007.

Gas Pipeline Cacimbas - Catu (GASCAC)
The construction project of the Cacimbas - Catu Gas Pipeline is nearly 940 km in length and 28 inches of nominal diameter. The maximum flow will be of 20 million of m3 /day of gas, with one compressor station installed.

The Gasene Project is strategic to initially assure natural gas supply to the Southeastern gas pipeline network; to guarantee the flow of natural gas production, from the fields of the Espírito Santo Basin; and to interconnect the Northeast gas pipeline network with that of the Southeast.
During the gas pipeline construction, nearly 12 thousand direct and 36 thousand indirect jobs will be generated.

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