Cayman Cabiunas Investment Co., Ltd.

MIGA issued guarantees totaling $13.77 million to The Fuji Bank, Ltd. and $1.35 million to Mitsui & Co., Ltd. and to Sumitomo Corporation, all from Japan, for their investments in Cayman Cabiunas Investment Co., Ltd. (CCI), a gas processing plant located in Brazil. The MIGA guarantees will cover the investment against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project is the expansion and upgrade of a gas separation facility designed to capture, process, and transport natural gas from deposits being developed in the offshore Campos Basin in Brazil. The project will allow Petrobras to more efficiently use the gas and increase the country's energy output with an environmentally cleaner fuel. The investment will allow the plant to expand its processing capacity to 14 million cubic meters per day, which represents a 70 percent increase in capacity. The investors additionally will fund the construction of new onshore pipelines to accommodate the increased output.

During the first five years, CCI will contribute approximately $364 million in oil import substitution, and will further contribute to the local economy through substantial procurement in goods and services from local businesses. Furthermore, the new technological upgrade is expected to significantly improve the air quality in Rio de Janeiro and Vitoria.