21 Dec 2009 - by PreSalt.com - Source: Agência Petrobras & Agência Brasil
The Board of Directors of the Merchant Marine Fund (FMM) today (18) approved, after two-day meeting, in Rio de Janeiro, 161 priority projects that will receive funding totaling 14.241 billion reais (8.13 billion U.S. dollars). The information was given by the Executive Secretary of the Ministry of Transport and Chairman of the Board of FMM, Paulo Sergio Passos. The approved projects do not include drilling rigs for Petrobras.
This was the 16th regular meeting of the Council of the FMM. The last was held on October 9, 2008. Of the 164 projects considered by the council, three cases are sub judice, said Passos. "We know that the degree of interest shown is associated with positive conditions prevailing in the country and a very important role in the demands that arise from activities related to the oil," he said. The prospect, he noted, is growing demand in coming years.
Resources are additional to the budget of 4.8 billion reais (2.74 billion U.S. dollars) of the FMM for 2010 and Provisional Measure 472 of 15 December this year, in chapters 35 to 37, authorizing the to provide financial contribution to the FMM to the limit of 15 billion reais (8.57 billion U.S. dollars).
Only for the area of maritime support will be financed projects with total value of 5.2 billion reais (3.05 billion U.S. dollars). For freight of Petrobras Transportes (Transpetro), a subsidiary of the logistics of Petrobras, the approved funding reach 3.02 billion reais (1.72 billion U.S. dollars). Other 4.3 billion reais (2.45 billion U.S. dollars) will be invested in industrial production.
The Board of Directors approved funding for the first 10 ships of the second phase of the Expansion and Modernization Transpetro Fleet Program (Promef).The Fund will support the construction of seven oil tankers in the South Atlantic Shipyard (EAS) and three vessels for transportation of bunker (fuel oil) Shipyard Superpesa. The Petrobras Transporte S / A (Transpetro) is a Brazilian company, wholly owned subsidiary of Petrobras. It aims to make the transport of oil and oil products, natural gas and alcohol, using the pipelines and vessels.
The planned investment in these contracts will be $ 3 billion reais (1.71 billion U.S. dollars). In the construction phase, the FMM covers 82% of the investment. The remaining funds are disbursed by the Shipyard (8%) and Transpetro (10%). After delivery of the vessel, the portion financed up to 90%.
The president of Transpetro, Sergio Machado, said that approval of funding raised for ships of Promef II demonstrates the commitment of the Federal Government with the program and the reconstruction of the Brazilian naval industry. "The Fund has guaranteed support for all projects approved by its Board of Directors. We have enough credit and long-term demand. 2009 was a year for the successful shipping industry and the opportunities opening up in 2010 with the launch of the first six ships of Promef are even more encouraging, "he says.
Unlike oil tankers of the first phase of Promef these seven vessels ordered to the South Atlantic will be dynamic positioning (with the ability to maintain their positions in terms of wind and sea provided to operations). It is the first time this type of vessel will be manufactured in Brazil.
The CDFMM also approved a funding of 400 million reais (229 million U.S. dollars) for the works in the AtlânticoSul Shipyard, which is being done in the state of Pernambuco (Northeast of Brazil). The AtlanticoSul Shipyard has the largest number of orders of Promef. In all, 22 ships of the program will be built in the shipyard, the largest in Southern Hemisphere.The Promef - who revitalized the Brazilian naval industry - is already generating 15 thousand direct jobs in Brazil and this number of jobs will reach 40 thousand. The program, launched in 2004, provides for the construction of 49 vessels (26 in the first phase and 23 in the second), adding four million dwt of shipping. Already been auctioned 33 vessels, where contracts are U.S. $ 3.9 billion.
The scale generated by the orders of Transpetro program changed the face of the Brazilian naval industry. Brazil has the fifth largest worldwide portfolio of orders for tankers and the projected construction of new shipyards in various parts of the country. Moreover, the Promef is stimulating the naval-parts industry and attracting investors for the construction of ship repair yards.
The operation of the relief ships have crucial importance to the development of production of oil and gas in the pre-salt (subsalt) layers. This type of vessel transporting oil produced in the offshore areas to the terminals of Transpetro.
Mr. Passos said the priority established by the FMM for the installation of two yards of large vessels in the State of Bahia (Bahia and Paraguaçu yards ) and the State of Alagoas (Eisa Shipyard), and expanding capacity of four smaller yards - two in the State of Rio Grande do Sul, one in the State of Ceará and the other in Bahia.
The president of the National Union of Maritime Navigation Companies (Syndarma), Hugo Figueiredo, said that this was the largest meeting in terms of meaning and values of the history of the FMM. He emphasized that the vessels had higher percentage of domestic content, will afford more attractive than those which are most imported items. "It's a way of inducing an increase of domestic content," he said.
In the area of maritime support, Figueiredo found to have been given to build 19 merchant ships to the private sector, within the project charter boat launched by Petrobras to ship owners
Passos said that additional funding of FMM to the Brazilian naval industry is designed to benefit the complementary chain of the naval-parts and can mean for the country gains in competitiveness and efficiency. "When I talk about competitiveness, orders of this magnitude to open the country to think about the possibility of meeting domestic demand and also qualify to be a player in the production of some types of ships that the country can qualify and be placed on the international.
The Secretary of the Ministry of Transport admitted that the FMM resources are insufficient to meet the demand of ship building in the country. This is why the contribution of up to 15 billion reais (8.57 billion U.S. dollars) granted by the Treasury. The amount collected by the Freight Surcharge for the Renewal of the Merchant Navy amounted in 2009 to 1.5 billion reais (857 million U.S. dollars), showing a decrease of 20% compared to last year. The budget of the FMM this year reached 2.9 billion reais (1.65 billion U.S. dollars).
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Petrobras (Bovespa: PETR3/PETR4, NYSE: PBR / PBRA, Latibex: XPBR / XPBRA, BCBA: APBR / APBRA)
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