Brazil bank grants $1.1bn loan for Petrobras fertilizer project

19 December 2012 17:30  [Source: ICIS news]

HOUSTON (ICIS)--Brazil’s development bank BNDES on Wednesday said it would lend Brazilian reais (R) 2.2bn ($1.1bn, €840m) to state-run energy company Petrobras for the construction of a nitrogen fertilizer complex in the country.

The plant will be fuelled by natural gas transported over the Bolivia-Brazil gas pipeline with a capacity of 1.21m tonnes/year of urea and 81,000 tonnes/year of ammonia, according to information on Petrobras’s website.

Production is scheduled to begin in September 2014, the bank said, adding that the project will help Brazil reduce its dependence on imports.

The facility, which will be located in Tres Lagoas, Mato Grosso do Sul state, will be the largest nitrogen fertilizer complex in Brazil, BNDES added.

($1 = €0.76)
($1 =  R2.09)

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By: William Lemos
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