Ex-Im-Bank commits $2.2 billion to support US exports to Petrobras

Small and large US companies may benefit from a nonbinding preliminary commitment of $2 billion in financing from the Export-Import Bank of the US (Ex-Im Bank) to encourage purchases of US goods and services by Petróleo Brasileiro S.A. (Petrobras).

Offshore staff

WASHINGTON, DC -- Small and large US companies may benefit from a nonbinding preliminary commitment of $2 billion in financing from the Export-Import Bank of the US (Ex-Im Bank) to encourage purchases of US goods and services by Petróleo Brasileiro S.A. (Petrobras). Pending final approval, the financing is anticipated to support more than $2.2 billion of US exports to Petrobras.

Ex-Im Bank anticipates that this preliminary commitment will give Petrobras the opportunity to identify potential US exporters for its projects over the next two years. Upon conversion of the preliminary commitment to a final commitment, the financing could be used to support US exports on repayment terms of up to 10 years, including a potential conversion of part of the financing to establish a medium-term (one to seven years) credit guarantee facility.

Petrobras may use US goods and services financed under an Ex-Im Bank final commitment to develop its offshore oil and gas reserves, particularly the large pre-salt reserves in the Santos basin, and also to develop and upgrade its refining and distribution infrastructure. Petrobras anticipates that it will invest $174 billion in development over the next five years.

US companies of all sizes that are interested in exploring export opportunities to Petrobras may contact Philip Limón, treasurer, Petrobras America Inc. in Houston, Texas, (713-808-2160; plimon@petrobras-usa.com) to learn more about the company's bidding process and how to participate in transactions that could be financially assisted by Ex-Im Bank.

05/07/2009

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