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MODEC secures financing to build FPSO for Area 1 block offshore Mexico

Gasoil News - Published on Wed, 17 Apr 2019

Image Source: petro-press.com
MODEC, Mitsui & Co and Mitsui OSK Lines, jointly announced that Mitsui and MOL have participated in a long-term charter business ("the Project") operated by MODEC for the purpose of providing a floating production, storage, and offloading system for use in the Area 1 block offshore Mexico and a loan agreement for the Project was entered into on April 12, 2019.

Mitsui and MOL invested in Area1 Mexico MV34 BV ("MV34"), a Dutch company established by MODEC, which will engage in FPSO leasing, operations and maintenance services. In December 2018, MV34 concluded the charter agreement with Eni Mexico S. de RL de CV, the operator of Area 1 block and a subsidiary of Eni SpA. The charter contract initially runs for 15 years, with options for extension every year thereafter up to 5 additional years.

The loan agreement on a project finance basis was signed by Sumitomo Mitsui Banking Corporation (lead arranger), MUFG Bank, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Société Générale, BNP Paribas, Oversea-Chinese Banking Corporation Limited, Clifford Capital Pte. Ltd. and Crédit Industriel et Commercial. This is the first project finance for the FPSO project in Mexico.

Source :

Posted By : Rabi Wangkhem on Wed, 17 Apr 2019
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