Latin Finance - November/December 2009 - 26

petrobras funding strategy contract with the China Development Bank that gives designated Chinese companies the option to buy oil, but Barbassa says that Petrobras has not pre-committed on price. “There’s no indissoluble link. We offered a guarantee of supply at market prices. It is not a securitization,” he notes. Petrobras will explore this model with other kinds of entities, such as credit agencies, and in other countries and regions, he notes. If the equity and government deals are successful, Petrobras is unlikely to need to raise much new money from capital markets over the next 12 months, market watchers agree. Cheng agrees that Petrobras is well positioned. It has essentially completed its financing needs for 2009-2010, he says. Going forward, and assuming an oil price of $75, he estimates that Petrobras will have $25-$26 billion in income per year. From 2011-2013, it has spending needs of some $36 billion per year, calling for net funding of $10 billion, he adds. “They can probably do this. It is not such a big deal,” Cheng notes. Clarence Tong, senior VP in project finance for the Americas at Mizuho, agrees that Petrobras has the financing it requires for this year and early next. Pre-Salt Burden A proposal to make Petrobras the operator of at least 30% in all areas of new pre-salt is welcomed by investors. But it raises a host of concerns, from its impact on financing to the threat of more heavy-handedness from the government. Cheng notes that the government will need to tread a careful path to secure passage of its oil agenda, including the proposal to make Petrobras an operator with a minimum 30% stake in all new fields, given the first round of presidential elections slated for October 2010. The 30% participation is not seen as a problem if passed, says Barbassa. “I don’t see this having a great financial impact [on Petrobras],” he notes. Petrobras will continue to participate in upcoming auctions to increase its stake in selected fields, he says. The first challenge is the likely reluctance of the opposition to hand a fait accompli to the Lula government by endorsing unquestioningly its plans for the pre-salt area. The second is regional objections to federal government plans to centralize revenues and distribute them. Rio de Janeiro, and to a lesser extent São Paulo, which stand to benefit most from the oil discoveries, are protesting the plans and this could further complicate passage of legislation, he notes. However, Petrobras is working on the assumption that the legislation will be passed. “We don’t have a plan B,” says Barbassa, admitting that there may be minor changes, but remaining confident that the thrust of the bill will remain intact. LF UPDATE > For the full story and daily news on Petrobras’ funding strategy, see www.latinfinance.com The 5th Cumbre Financiera Mexicana A high level invitation-only summit, the 5th Cumbre Financiera Mexicana will bring together over 200 of Mexico's most prominent issuers and investors for comprehensive debate and discussion on the new realities of capital markets investment and nancing in Mexico. Private 1-1 meetings - pre-arranged on the LatinFinance 1-1 Meeting Planner will compliment the discussions and provide added value to all delegates who seek to establish and develop relationships with Mexico's top business leaders. For more information and to register, visit: www.latinfinance.com/cumbremex or contact Alex Rubin on arubin@latinfinance.com or +1.305.357.4216 to apply for your invitation. Sponsor For sponsorhip information, please contact: Mark Hudson at mhudson@latinfinance.com or +1 305.357.4203 26 LatinFinance November/December 2009
http://www.latinfinance.com http://www.latinfinance.com/cumbremex

Latin Finance - November/December 2009

Table of Contents for the Digital Edition of Latin Finance - November/December 2009

Latin Finance - November/December 2009
Contents
Latam-China Flows
Petrobras Interview
Best Boutiques
Banks of the Year 2009
Itau Unibanco Interview
Mexico: How to Capitalize on Crisis
Colombia: Local Shop Repels Foreign Pretenders
Chile: Pefecting the Art of Retail
El Salvador: A Foreign-owned Bank Dominates
Infrastructure & Energy Awards
Private Equity Fundraising
Latin Finance - November/December 2009 - Latin Finance - November/December 2009
Latin Finance - November/December 2009 - Cover2
Latin Finance - November/December 2009 - Contents
Latin Finance - November/December 2009 - 2
Latin Finance - November/December 2009 - 3
Latin Finance - November/December 2009 - 4
Latin Finance - November/December 2009 - 5
Latin Finance - November/December 2009 - 6
Latin Finance - November/December 2009 - 7
Latin Finance - November/December 2009 - 8
Latin Finance - November/December 2009 - 9
Latin Finance - November/December 2009 - 10
Latin Finance - November/December 2009 - 11
Latin Finance - November/December 2009 - 12
Latin Finance - November/December 2009 - 13
Latin Finance - November/December 2009 - 14
Latin Finance - November/December 2009 - 15
Latin Finance - November/December 2009 - 16
Latin Finance - November/December 2009 - 17
Latin Finance - November/December 2009 - Latam-China Flows
Latin Finance - November/December 2009 - 19
Latin Finance - November/December 2009 - 20
Latin Finance - November/December 2009 - 21
Latin Finance - November/December 2009 - 22
Latin Finance - November/December 2009 - 23
Latin Finance - November/December 2009 - Petrobras Interview
Latin Finance - November/December 2009 - 25
Latin Finance - November/December 2009 - 26
Latin Finance - November/December 2009 - 27
Latin Finance - November/December 2009 - Best Boutiques
Latin Finance - November/December 2009 - 29
Latin Finance - November/December 2009 - 30
Latin Finance - November/December 2009 - 31
Latin Finance - November/December 2009 - Banks of the Year 2009
Latin Finance - November/December 2009 - 33
Latin Finance - November/December 2009 - 34
Latin Finance - November/December 2009 - Mexico: How to Capitalize on Crisis
Latin Finance - November/December 2009 - 36
Latin Finance - November/December 2009 - 37
Latin Finance - November/December 2009 - 38
Latin Finance - November/December 2009 - Colombia: Local Shop Repels Foreign Pretenders
Latin Finance - November/December 2009 - Chile: Pefecting the Art of Retail
Latin Finance - November/December 2009 - 41
Latin Finance - November/December 2009 - 42
Latin Finance - November/December 2009 - El Salvador: A Foreign-owned Bank Dominates
Latin Finance - November/December 2009 - 44
Latin Finance - November/December 2009 - 45
Latin Finance - November/December 2009 - 46
Latin Finance - November/December 2009 - 47
Latin Finance - November/December 2009 - 48
Latin Finance - November/December 2009 - 49
Latin Finance - November/December 2009 - Infrastructure & Energy Awards
Latin Finance - November/December 2009 - 51
Latin Finance - November/December 2009 - 52
Latin Finance - November/December 2009 - 53
Latin Finance - November/December 2009 - 54
Latin Finance - November/December 2009 - Private Equity Fundraising
Latin Finance - November/December 2009 - 56
Latin Finance - November/December 2009 - Cover3
Latin Finance - November/December 2009 - Cover4
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