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Petrobras Closes $823M Loan from Japanese Banks for Refinery Upgrade
13 December 2008
Petrobras, Brazil’s National Oil Company, has closed a ¥75 billion (US$823 million) financing agreement with a syndicate of Japanese banks. The 10-year loan,insured by NEXI (Nippon Export and Investment Insurance), will finance the upgrade of Henrique Lage Refinery which is already underway, in order to increase its heavy oil processing capacity, improve the quality of its diesel fuel and gasoline, and optimize the refinery’s product mix.
In 2006, Petrobras announced that it would invest $2.039 billion in the refinery—Brazil’s fourth-largest—over the 2007-2011 time frame as part of an overall $14.2 billion investment in its refineries.
The syndicate comprises Sumitomo Mitsui Banking Corporation (SMBC); Mizuho Corporate Bank (Mizuho); and Banco de Tokyo-Mitsubishi UFJ, Ltd. (BTMU).
December 13, 2008 in Brief | Permalink | Comments (2) | TrackBack (0)
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Posted by: | December 13, 2008 at 08:57 AM
annon:
A few oil cos have already developed ways to convert almost 100% of heavy crude into light products with next to no residues.
More energy, mainly NG, is required to refine heavy crude than for light crude.
New facilities or upgraded facilities + more energy = higher cost. When spread over billions and trillions of gallons a year, the extra cost per gallon may not be so extravagant. In the longer term (10 to 70 years), heavy crude will be predominant over light crude which it progressively running out.
Brazil, Veneuzela, Canada (tar sands) and USA (shales) have very large heavy crude reserves that could last 70+ years at current consumption rate.
Posted by: HarveyD | December 13, 2008 at 01:18 PM
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Light crude oil supply is declining and only the heavy crude oil is coming up. So refineries the World have to modify to process this heavy crude which probably gives more pollution and yields lesser gasolene, kerosene and diesel. can somone confirm this.