Japan’s JBIC backs Brazilian FPSO project

The state-affiliated Japan Bank for International Co-operation (JBIC) has agreed to loan $352mn to a Japanese consortium developing a floating production, storage and offloading (FPSO) unit, which will be chartered to Brazil’s state-controlled Petrobras for use at the Marlim oil field in the Campos basin offshore Brazil.

The loan will be co-financed by private banks with total financing of $969mn.

The Netherlands-based Marlim1 MV33 consortium consists of Japanese shipbuilder Modec, trading firms Mitsui and Marubeni and shipping firm Mitsui OSK Lines.

The FPSO project features Modec as operator with a 32.5pc stake, Mitsui with 32.5pc, Mitsui OSK Lines with 20pc and Marubeni with 15pc. Modec is managing the 25-year charter agreement agreed with Petrobras in October last year for the FPSO Anita Garibaldi MV33.

Modec is building the FPSO which will capacity for 80,000 b/d of oil production, 248mn m³/d of gas processing and 1mn bl of oil storage capacity. The FPSO unit is scheduled to come on stream in 2023-24.

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