ANNOUNCEMENT 18 Nov 2015In November 2015, the governments of several European nations and Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
UKEF press release
UKEF December 2015 report
On 18 November 2015, the UK Export Finance agency announced it had provided the Brazilian state-oil company Petrobras 500 million USD for the provision of British goods and services.
Similar deals were signed with the Austrian (OeKB), Italian (SACE) and Japanese (NEXI) export credit agencies. In total, Petrobras received 1.84 billion USD in credits.
In the UKEF press release, the UK Minister for Trade and Investment was cited saying "With this arrangement, Her Majesty's Government, through UK Export Finance, is helping UK exporters to realise the opportunities within Petrobras' ambitious investment programme".
In a December UKEF report, the two identified British exporters that would benefit from the signed agreement were Subsea 7 and Wellstream International Limited, a subsidiary of GE Oil & Gas.
A state measure in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. On this metric, the state aid proposed here is discriminatory.
The official press release by Petrobras was not available, as the company provides access only to registered journalists.