Doing Business in Latin America Webinar Series Infrastructure Opportunities in Brazil and Colombia
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1 Doing Business in Latin America Webinar Series Infrastructure Opportunities in Brazil and Colombia Glenn Faass, Co-Head of Brazil Practice Pablo Jaramillo, Senior Associate June 2015
2 A Picture of Brazil s Infrastructure Needs 2
3 Why Now? Pressures at Petrobras (state oil company) Car Wash scandal generates costs, contingencies, investigations, class action suits and management disarray. US$170 billion in bonds issued. Huge amounts are coming due this year. Investors reluctant and/or require higher returns. Required: tens of billions of US$ investment in offshore pre-salt blocks Cash flow hurt by falling oil prices collapse of Brazilian Real 10-year low against US$ new production delayed by slowing investment, cost over-runs, political and business disarray Limited alternatives Government cannot fund a rescue. Previous divestments spin-off non-core assets. Upstream assets are politically sensitive. Once-in-a-generation opportunity to acquire crown jewels Car Wash is crippling other major Brazilian players 10 major Brazilian industrial groups in the sights of regulators. Some will not survive, others will need to slim down. Natural competitors for infrastructure assets need to sell, not buy. 3
4 The Opportunities in Infrastructure Petrobras announces intended sale of minority stakes in infrastructure assets. Including: BR Distribuidora Gaspetro Thermoelectric generation park Braskem (speculated) Pipelines, Storage and Ships (speculated) Objective to US$13.7 billion Is that achievable? Is it enough? More to come? 4
5 Largest distributor and marketer of petroleum derivatives and biofuels in Brazil and Latin America Largest service station network in Brazil (over 7,000 stations) More than 10,000 major customers, including industrial, thermoelectric plants, aviation and light / heavy duty vehicle fleets Bradesco BBI mandated to find a minority stakeholder for Brazil operations. Citi to manage sale of stations in Chile, Columbia, Paraguay and Uruguay 5
6 Petrobras Gás S.A. Gas-related activities Services Transport Marketing Storage and processing of natural gas and LNG Power generation Telecommunications services for Petrobras From Corumbá near the Bolivia-Brazil border to Uruguaiana, a city in Rio Grande do Sul, more than 7,000 kilometers of pipelines Network of 21 natural gas distributors Itaú BBA to guide sale of 49% stake. 6
7 Thermoelectric Generation Park 7 GW capacity No gas supply agreements in place with state gas supplier. Bradesco BBI to manage sale of 49% stake Issues on gas supplies if a private entity takes a minority stake 7
8 Future Petrobras sales? NYSE listed JV between Odebrecht and Petrobras Largest petrochemical company in Latin America 36 industrial plants in Brazil, US, Argentina and Germany Produces over 16 million tons of thermoplastic resins annually. World s leading biopolymers producer Petrobras may sell its 49% stake. 8
9 Future Petrobras sales? Pipelines Oil Storage Ships 9
10 Colombia Key points 1. Business friendly but not exempt from challenges 2. An enormous infrastructure deficit 3. Space for contractors and financing entities 4. A substantial pipeline of opportunities and openness for private creativity 10
11 Colombian Infrastructure market trends Dynamic secondary market for existing concessions Robust step-in rights Securitisation of flows via structured finance Pension fund investment through debt funds Use of hybrid financing instruments 11
12 Colombia Fourth Generation Toll Road Concessions 40 Projects Railway updating requirements (gauge updating) Waterway development Bogota Metro system New airport concessions 12
13 Unsolicited Proposals Success rate close to 100% Enhanced structuring requirements Used only for roads so far Opportunities opening in additional sectors Government actively seeking for initiatives in the social infrastructure sector 13
14 Norton Rose Fulbright 14
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