PetroRio funds Polvo field

PetroRio funds Polvo field

Loans Structured Finance Debt Energy Brazil China

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

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