Japanese FPSO secures financing from JBIC

Japan Bank for International Cooperation (JBIC) has entered into an agreement to provide a project loan for a floating production storage and offloading (FPSO) vessel jointly owned by compatriot companies Modec, Mitsui & Co, MOL and Marubeni Corporation.

The unit, FPSO Almirante Barroso MV32, is currently being converted from VLCC VK Eddie at the Cosco Dalian yard in China and will be chartered to Petrobras for operations in Buzios field under a 21-year agreement.

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