Sace: 300 million commitment for the "Cidade de Saquarema" oil vessel

With an insurance commitment of $300 million, SACE è intervened in support of the supplies of Nuovo Pignone and 24 others Italian exporters for the construction of the oil vessel "City of Saquarema“, the largest ever built by SBM, group Dutch world leader in the construction of platforms floating "FPSO" for the production, storage and discharge of offshore oil.

“Cidade de Saquarema” is controlled by SBM (which holds 56%), Mitsubishi Corporation, Nippon Yusen Kabushiki Kaisha, and Queiroz Galvão Óleo e Gas SA. Project financing, value totaling approximately $1,5 billion, is backed by a pool of 16 banks and 4 export credit companies: in addition to SACE, also Atradius (Holland), NEXI (Japan), UKEF (Great Britain).

Intended for Santos field in Brazil, about 300 kilometers a off the coast of Sao Paulo, the ship will be able to process up to 150 barrels of crude oil and 6 million cubic meters of gas al day, and will have a storage capacity of approximately 1,6 million barrels.

The Santos Basin, with a total area of ​​about 350 square kilometres, is among the largest "pre-salt" deposits discovered in Brazil, together with that of Campos and Espirito Santo. Such deposits are distinguished both by their location (a depth between five and seven kilometers below the level of the sea, under a layer of salt that can reach a thickness of two kilometers) and for the less dense and therefore higher quality of the raw.

The operation confirms the consolidated role of SACE alongside the Italian excellence in the oil & gas sector: large groups and SMEs with worldwide recognized know-how and experience, engaged in the largest international projects in high-risk markets potential.