Financing Oil & Gas Projects in Brazil

Transcription

1 Financing Oil & Gas Projects in Brazil Roberto Zurli Machado February 2011

2 BNDES policies to Oil & Gas Sector

3 BNDES Financing Schemes Clients: companies established in Brazil under Brazilian laws (national or foreign control). Range of BNDES Financial Instruments: Fixed investment financing; Machinery and equipment financing; Project Finance; Export financing; Equity Investments. Strategic presence in most important Brazilian companies and main sectors of the economy.

4 BNDES Interest Rate Direct Operation Financial Cost + BNDES Basic Spread + Credit Risk Rate = Funding Cost TJLP (Long Term Interest Rate) Currency Basket LIBOR Margin to cover operational expenses % p.a. (0.9% p.a. for SMEs) Margin to cover non-performing loans % p.a. Total Interest Rate

5 Oil & Gas and Capital Goods Financing Conditions Sector Financing Lines Basic Spread Financial Cost Maximum Participation* Oil Exploration 2.8% TJLP 60% Oil Production and Refining 2.8% TJLP 60% Oil & Gas Gas Production 2.3% TJLP 70% Gas Transportation and Distribution 2.3% TJLP 70% Capital Goods Industry Fixed investment, associated working capital and acquisition of capital goods 0.9% TJLP 80% * Over local content

6 Naval Shipping Sector Financing Conditions Merchant Marine Funding (FMM) o Special source for all eligible items, including imported equipments. Sector National Content Maximum Participation National Items Imported Items Financial Cost Total Spread (%) National Items Imported Items Construction of Offshore Vessels 60% < 60% 70% 60% Construction of Cargo Vessels 65% < 65% 90% 90% 70% TJLP or US$ 2 4, Construction, Expansion and Modernization of Shipyards 60% < 60% 75% 60% Period: up to 4 years of grace and 20 years of amortization.

7 BNDES and the Oil & Gas Sector

8 BNDES Main Goals A. Develop the Brazilian Oil & Gas Sector Contribute to the sector sustainable development; Support companies in their investments to enhance capacity in production, refining, transportation and distribution of oil and natural gas. B. Provide long-term competitive funding C. Support and coordinate institutional actions (PDP, PROMIMP, )

9 BNDES Main Goals D. Contribute to the enhancement of the projects local content through Local competencies build-up; Progressive increase of local content of high valueadded goods and services, including typically imported packages; Strengthening of Brazilian engineering. E. Develop the Supply Chain Strengthen Local Supply Chain (goods and services) on a competitive and sustainable basis, targeting global insertion; Stimulate investments in innovation technology.

10 Disbursement 4,000 3,500 3,000 2,500 2,000 1,500 1, Disbursements for Oil & Gas Sector (US$ Million) * 2010 Estimated Disbursed (Aug (Jul - Dec) Gas Transportation Refining Innovation Exploration & Production Shipyard Offshore Vessels and Oil Tankers Gas Distribution Capital Goods * Excluding Petrobras financing.

11 BNDES Annual Approvals Oil & Gas Projects Oil & Gas (US$ million) * Excluding Petrobras financing.

12 Oil & Gas Recent Financed Projects 2 Gas Transport Urucu-Manaus and Gasene 9 Gas Distribution CEG, Comgás, Gasmig and GNSP-Sul 1 LPG Distribution Liquigás

13 Oil & Gas Recent Financed Projects 2 Oil & Gas Plataform Mexilhão and Manati 1 Refinery Refap 2 Shipyards EAS and Aliança

14 BNDES Annual Approvals Offshore Vessels Offshore Vessels (US$ million) 2.818, ,23 64,03 370,74 203,73 575,35 184,79 657,

15 Offshore Vessels Recent Financed Projects (2010) 19 PSVs (CBO Grupo Fischer) 15 PSVs and 4 AHTS (Bram - Edison Chouest) 8 PSVs and 5 AHTS (WSOffshore - Wilson Sons and Ultratug) 4 PSVs (Starnav - Detroit) 3 AHTSs (Dof Navegação - DOF) PSV (Platform Supply Vessel) AHTS (Anchor Handling Tug Supply)

16 OSCV e ROV Vessels Financed Projects ( ) Skandi Salvador - MPSV (Multipurpose Support Vessel = ROV + AHTS + PSV) Shipowner: Dof Subsea (DOF) Skandi Vitória e Skandi Niterói - OSCV (Offshore Subea Construction Vessel) + Pipelayer Vessel Shipowner: Dofcon (DOF + TECHNIP)

17 BNDES Annual Approvals for Transpetro Transpetro - Promef I (2007) 23 Ships - 10 Suezmax; 5 Aframax; 4 Panamax and 4 Product Ships. Transpetro - Promef II (2010) 7 Ships - 4 Suezmax and 3 Aframax. Transpetro Tankers 2.236,93 (US$ million) ,

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