Petrobras, GIEK Ink MoU (Brazil)

Brazil’s state-controlled oil company Petrobras and the Norwegian export credit agency Garanti-Instituttet for Eksportkreditt (GIEK) yesterday signed a Memorandum of Understanding at Petrobras’ headquarters in Rio de Janeiro.

Petrobras’ Financial and Investor Relations Director, Almir Barbassa and Wenche Nistad, President of the Garanti-Instituttet for Eksportkreditt (GIEK), signed a Memorandum of Understanding aimed at promoting closer institutional cooperation. The MoU allows for up to US$ 1 billion in credit guarantees to cover exports from Norwegian companies to Petrobras as part of the Company’s financing strategy for projects in the 2012-2016 Business and Management Plan.

A previous MoU signed by Petrobras and GIEK in 2010 resulted in the provision of US$ 1 billion in guarantees by the Norwegian agency, enabling Petrobras to finance goods and services from Norwegian companies in the oil and gas sector.

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Offshore Energy Today Staff, January 16, 2013; Image: Petrobras News Agency