RIO DE JANEIRO, Dec. 12 (Chinese media) -- Brazil's state-owned oil and gas giant Petrobras announced on Friday that it has reached a financing agreement of 75 billion Yen (about 750 million U.S. dollars) with a syndicate of Japanese banks.
Petrobras said that the loan will finance the upgrade of Henrique Lage Refinery (REFAP), in Sao Jose dos Campos, Sao Paulo state.
The expansion, which is already underway, will increase the refinery's heavy oil processing capacity, improve the quality of its diesel fuel and gasoline and optimize its product mix.
The loan, said Petrobras, is part of the company's program to finance its investment through its traditional sources of long term funding.
Petrobras has reportedly gone through financial trouble and hadto borrow big loans from state-owned banks.
The company has denied allegation of any financial trouble, saying that it has always taken loans from both domestic and foreign banks.
According to Petrobras, loans from domestic banks increased because of the crisis in the international markets.
Petrobras will present its 2009-2013 investment plan in December. The announcement was postponed at least four times in the past three months due to the volatility of the markets.
It is unknown how much the crisis will affect Petrobras' investment plan.
The company has stressed times and again that it will continue with the investments and the exploitation of Brazil's pre-salt layer oil and gas fields.
The 10-year loan is insured by Nippon Export and Investment Insurance (NEXI). The participating banks are Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Corporate Bank (Mizuho), and Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), according to Petrobras.
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