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Petroleo Brasileiro Petrobras SA Gets $1 Billion Loan From Japan Bank for International Cooperation, Tokyo-Mitsubishi UFJ Ltd-Reuters

Monday, 15 Oct 2012 01:17pm EDT 

Reuters reported that Petroleo Brasileiro Petrobras SA signed a loan agreement for $1 billion with the Japan Bank for International Cooperation (JBIC), Petrobras said in a statement October 15, 2012. The loan, the Company said, will be used to increase energy efficiency at some of its operations. JBIC will provide $600 million of the loan and $400 million will come from Bank of Tokyo-Mitsubishi UFJ Ltd, the statement said. Petrobras did not disclose details on interest rates, maturity or other terms of the loan. Some of the loan, Petrobras said, will be used to build an energy cogeneration facility at its Comperj refinery, under construction outside of Rio de Janeiro. Cogeneration uses excess heat from industrial processes to generate electricity or power other operations. The funds will also be used to reduce natural gas flaring on oil platforms in the Campos Basin, Brazil's main oil producing region. 

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