Petrobras transfers to Asia the construction of 9 platforms

Source: O Globo newspaper

Faced with the crisis of the naval sector, Petrobras has shifted to building at least nine platforms – from a group of ten ordered to shipyards involved in the investigation of the Lava-jet operation – to Asia, mainly to China and Thailand .

Yesterday, Petrobras gave another sign of its approach to Asia. In a statement to the market, Petrobras said it has signed commitment agreement with China Exim Bank (The Export-Import Bank of China), setting the conditions for funding of US $ 1 billion. The loan is in anticipation of resources that would be taken in 2017. A close source to the Petrobras explained that the money will be used to continue the projects planned for next year. In late February, Petrobras had obtained financing of US $ 10 billion with the China Development Bank.

MORE FAVORABLE CONDITIONS

In a statement to the Brazilian Securities Commission (CVM), Petrobras reported that the credit of $ 1 billion is tied to contracts for the supply of equipment and services, already signed with Chinese suppliers. According to the source, these are equipment and services already contracted.

After Brazil and Petrobras lost investment grade , the company is less favorable in obtaining external financing conditions and therefore seeks to diversify its sources of credit. According to the source, the conditions and the interest on loans from development banks – which offset the purchase of Chinese equipment and services or the sale of oil – are more attractive.

A survey conducted by an officer of the naval sector indicates that, of the four platforms contracted with local shipyards for the onerous system in the pre-salt fields, only the P-74 has its construction hull at the Inhaúma Shipyard, in Rio. The modules should be built in the EBR Shipyard, in Rio Grande do Sul. The hulls and modules for the other three units, P-75, P-76 and P-77, are being built in Asia.

P-66 to P-71, intended for the Lula field, in the pre-salt,  construction of the modules are being done in China and Thailand.

Alberto Machado Neto, MBA coordinator for Petroleum Management and Gas at the Getulio Vargas Foundation (FGV), points out that Petrobras needs to raise oil production and comply with the concession contracts signed with the National Petroleum Agency (ANP) which is in public consultation to review the requirements.

– The purchase commitments for equipment and services in China must not exceed 40% on average content abroad.

Petrobras: GOAL IS TO MITIGATE DELAYS

Petrobras reported that has taken steps, along with the contractors, to maintain the continuity of their projects envisaged in the Business Plan and Management 2015 to 2019. The company explained that when necessary, it will assess the need for execution outside part of the works of platform services “in order to mitigate delays.” Petrobras said that “the construction of units ordered, as well as management, engineering and contract scope of supply remain with the contractors in Brazil. “

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