February 22, 2019 |
Brazil's PetroRio said it has secured up to $144m in financing to fund exports to China and increase production at the Polvo offshore oil field in the Campos Basin.
The oil and gas company said it has signed a prepayment export agreement with the Chinese lender ICBC for $60m.
The four-year loan pays 300bp over Libor and includes an agreement with PetroChina to sell oil from the Polvo field, PetroRio said in a statement.
PetroRio also said it could access another $60m loan from ICBC, depending on
Brazilian oil and gas company secures up to $144m to increase production and fund exports to China