PROJECT

Projects

Summary of Proposed Investment

Project Number

11268

Company Name

Queiroz Galvao Oleo e Gas S/A.

Date SPI Disclosed

Nov 11, 2002

Country

Brazil

Industry

Metals and Mining

Projected Board Date

Dec 30, 2002

Status

Completed

Sector

Oil and Gas Production (Includes Development)

Department

Gbl Infrastructure & Natural Resources

Environmental Category

B - Limited

Previous Events

Approved : Apr 15, 2003
Signed : May 30, 2003
Invested : Jun 26, 2003

Project Description

QGP started as a drilling services company in 1980. It is now also actively participating in oil and gas exploration and development activity in Brazil, which is the focus of their current investment program. The company''s projects will lead to the development of Brazil''s energy sector, especially in the north-east region, the promotion of private sector participation in the recently privatized oil and gas sector, and to direct economic benefits through royalty and tax payments, all of which will have a positive impact on Brazil''s overall development. IFC''s potential role will be to provide access to adequate capital to QGP, an independent, private Brazilian oil and gas company seeking to expand its operations in the sector. IFC will also support QGP''s efforts to develop a suitable environmental and social management framework in respect of its projects and operations.

Sponsor / Cost / Location

Development Impact