Milbank LLP advised ICBC in connection with a credit facility to PetroRio, a Brazilian oil company, through an export pre-payment agreement, in a transaction that closed on March 1, 2019.
ICBC based the credit assessment on an offtake agreement that PetroRio has with Chinese oil company Petro China. PetroRio will use a portion of the proceeds from its sale of crude oil to Petro China to pay off the loan from ICBC. Petro China is one of China’s largest oil companies and is the listed arm of state-owned China National Petroleum.
The Milbank team was led by partners Tobias Stirnberg in São Paulo, Dan Bartfeld in New York, Shepard Liu in Beijing and Aled Davies in Tokyo, along with associates Aaron Mundy and Kei Kitatani in Tokyo and Jenny Zhang in Beijing/Singapore.
