JBIC earmarks US$1bn for oil, mining, infra in 2004

Japan's Bank for International Cooperation (JBIC) has set aside US$1bn to finance oil, mining and infrastructure operations in Brazil in 2004, newspaper O Estado de Sao Paulo reported. Further details for specific projects are still being hammered out, the newspaper said. Additionally, Japanese gas companies could move into Brazil's distribution market through either acquisitions or joint ventures, the newspaper quoted JBIC's new Brazil representative Taketoshi Aikawa as saying. JBIC's interest in Brazilian oil aims to reduce Japan's dependence on Middle Eastern oil and guarantee supplies in the face of rising fuel consumption in China and India. JBIC has renewed interest in Brazil after economic recovery. The bank has already disbursed US$200mn for the Sao Paulo city metro extension and another US$200mn for the Sao Paulo waterworks company Sabesp.