FPSO Loan Nears Close

FPSO Loan Nears Close

Brazil Asia Loans Project & Infrastructure Finance

Sponsors of a Brazil-bound floating production, storage and offload (FPSO) project are close to finalizing a 12-year $1.05bn loan, with closing expected this week, according to sources familiar with the transaction. Quieroz Galvao Oleo e Gas, SBM Offshore and Mitsubishi are building the vessel, the Cidade de Ihlabela, now under construction in China, which has a service contract with Petrobras. The term covers construction – the FPSO is expected online in 2014 – plus 10 years, and the facility c

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