About EKF

Guarantee to Petrobras is EKF's largest yet

EKF guarantees loans worth 500 million US dollars to Brazilian oil company Petrobras
EKF, Denmark's export credit agency, has issued a loan guarantee totalling 500 millions dollars – close to DKK 3 billion -  state-controlled Brazilian oil company Petrobras. With this loan, Danish exporters in the oil and gas industry will be much stronger positioned when going for orders in the Brazilian market, one of the largest in the world.
 
State-controlled Brazilian oil company Petrobras is planning large-scale investment in offshore oil and gas exploration until 2015. As Petrobras requires substantial external financing to fund its investment programme, financing is a key factor in their choice of suppliers.

“I am pleased with the agreement between EKF and Brazilian company Petrobras, which will contribute to creating industry jobs in Denmark. The agreement means that EKF is able to assist Dansih companies in the offshore industryin winning orders in one of the world’s largest markets. The deal is an example of how we are following up on the initaitives in the growth plan for “Blue Denmark,”  says Minister for Business and Growth Annette Vilhelmsen.

"The financing to Petrobras lends a helping hand to all Danish companies in the oil and gas industry. It simply increases the probability that Petrobras will continue to choose Danish suppliers in the future," says Anette Eberhard, EKF CEO.

During recent years, Petrobras has placed orders worth approximately DKK 12 billion in Denmark, attracted by Danish companies' proven track record of success in oil and gas, built on the North Sea oil venture. Companies that have already supplied equipment and services to Petrobras include NOV Flexibles, Haldor Topsøe and a number of others.
 
Loan provides Danish suppliers with a very strong sales argument
The new billion-kroner loan from EKF prompts Petrobras to continue purchasing from Danish companies. The loan may be seen as a customer credit card. With that in hand, Petrobras can go shopping in Denmark, trading with many different suppliers without having to raise financing with every purchase. Financing has been secured once and for all with the EKF guarantee.

EKF’s guarantee gives Danish exporters an edge as Petrobras places their orders where they know they can obtain financing for their purchases or for part of their purchases. Exporters themselves, however, can also use financing actively in their sales efforts. When presenting their products they can simultaneously point out that their purchases are backed by Danish financing. This is a very strong sales argument, which may be key to landing an order.

In practice, EKF issues the guarantee to four international banks, which join forces to lend Petrobras the approximatelt DKK 3. Under the guarantee, EKF is liable for the loan towards the four banks if – contrary to expectations – Petrobras fails to meet agreed loan repayments.
 
Guarantee opens the door for Haldor Topsøe and other Danish companies
The Danish company Haldor Topsøe, who delivers solutions to the global oil and gas industry among others, is one of the Danish export companies that may benefit from the guarantee to Petrobras.

“When Danish companies secure orders with Petrobras it is of course above all because they can compete on technology and know-how. But competitive financing is a crucial sales parameter, and we see therefore good potential in this type of initiative. Petrobras is a potentially large customer to Haldor Topsøe, and there’s no doubt that EKF’s loan guarantee can be a door opener for companies like us that supply environmentally friendly solutions to the companies in the oil and gas industry”, says Bjerne S. Clausen, CEO at Haldor Topsøe.
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