Korean bank signs pact with Petrobras

Agreement between a Korean bank and Petrobras opens doors to Korean plant industry to compete for the oil group's planned $56 billion worth of oil and gas facilities over the next five years.

Offshore staff

(Asia-Pacific & South America) - The Export-Import Bank of Korea (EXIM Korea) and Brazil's state-owned oil group Petrobras have signed a business cooperation agreement to support the advance of the Korean plant industry into the Brazilian market.

It would pave the way for Korean companies to undertake projects in Brazil by Petrobras, which is carrying out a $56.4 billion worth of oil and gas facilities over the next five years.

The signing has enabled EXIM Korea to to offer competitive financing for Korean companies participating in Petrobras projects, says the bank.

It would also increase Korean companies' chances of winning orders from Petrobras projects, adds the bank, which provides loans and payment guarantees for Korean exporters and importers and manages government funds for development of projects overseas.

01/31/06

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