Prumo Gets Funding to Complete Port of Açu Project

Prumo Gets Funding to Complete Port of Açu Project

Brazilian port owner and operator Prumo Global Logistics has, through its subsidiary Porto do Açu Operações, received an approval letter from Banco Nacional de Desenvolvimento Econômico e Social (BNDES) for a BRL 2.8 billion (USD 810 million) long-term facility, a portion of which will be used to complete the expansion of the Açu Port.

BRL 500 million (USD 144.6m) will be used to fund port construction and will be provided by a third on-lending bank yet to be identified, while the remaining BRL 2.3 billion will be funded upon closing and used to fully amortize the company’s existing bridge-loans.

The total tenor of the approved facility is 18 years, with four years of grace period and 14 years of amortization. The transaction will be concluded upon execution of contracts.

With this facility, Prumo Logística has a total consolidated long-term debt of BRL 3.3 billion, including BRL 1 billion of long-term debentures.

”Eliminating the mismatch between our existing long-term contracts and our short-term liabilities will allow Prumo to continue its commercial ramp-up and realize the vision of the Port of Açu. Since EIG’s investment and the 2013 restructuring we have taken Açu from a partially constructed project to a fully operational port-complex that is open for business. We are very proud to accomplish this on-time and on-budget while also commercializing this flagship asset, all of which allowed us to earn this level of endorsement from our lenders,” said Eugenio Figueiredo, Prumo’s CFO.

Operations at the Açu Port’s crude oil terminal are scheduled to begin in 2016 with the transshipment of crude oil for BG´s upstream operations.

Operations at the port’s multicargo terminal started in July, with bauxite from Votorantim arriving at the port’s yards. The terminal has the capacity to handle over 4 million tonnes per year of bulk materials, containers and cars.

BP and Prumo will begin the distribution of marine fuels at Açu Port in the first quarter of 2016.

Edison Chouest is developing the largest offshore support base in the world at Açu Port to fulfill a contract to operate for Petrobras. The offshore support base is scheduled to begin operations in the fourth quarter of 2015. Manufacturing facilities of NOV, Technip and Wartsila have begun operations at the port and are currently delivering locally manufactured oilfield equipment to Petrobras’ offshore projects.

Finally, Groupo Bolognesi and Prumo have signed an MoU for creation of the Açu Gas Hub which provide solutions for LNG, domestic gas and thermal power, with first gas for clients at the port as early as 2017.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 1 2 3 4

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >