UK Export Finance (UKEF), the UK’s export credit agency, is finalising its support for a new line of credit of USD 500 million for Petrobras. The British Government, through UK Export Finance, will support a loan for the Brazilian national oil company to purchase goods and services from UK exporters.
The announcement was made by the Minister of State for Trade and Investment, Lord Francis Maude, currently visiting Brazil. He said:
I am pleased to announce that UK Export Finance is close to finalising its support for a new USD 500 million line of credit for Petrobras. With this arrangement, Her Majesty’s Government, through UK Export Finance, is helping UK exporters to realise the opportunities within Petrobras’ ambitious investment programme
The loan can be drawn on over the next 12 months and is then repayable over 10 years.
Petrobras can propose specific UK contracts to be financed under the line, some of which have already been identified for potential financing.