【案例名称】Petrolera Zuata, Petrozuata C.A.

【作者】Benjamin C. Esty, Mathew Mateo Millett   

【页数】22

【格式】PDF

【语言】英语

【出版日期】1988年9月23日

【修正日期】2002年3月7日

【学科】金融 (Finance)

【案例编号】299012-PDF-ENG

【来源】HBS Premier Case Collection

【网页】http://cb.hbsp.harvard.edu/cb/product/299012-PDF-ENG

【简介】

Petrozuata is a proposed $2.5 billion oil-field development project in Venezuela. The case is set in 1997 as the project sponsors, Conoco and PDVSA (Venezuela's national oil company), are planning to meet with various development agencies and rating agencies regarding the proposed financial structure. The sponsors hope to raise a portion of the $1.5 billion debt in the capital markets, which will require an investment-grade rating. The key questions are whether the project will achieve an investment-grade rating and, if not, how to finance the project. Describes what turned out to be an extremely well-crafted financial transaction, one that was named "Deal of the Year" in 1997 by virtually every journal covering project finance.

【学习目标】

To give students the opportunity to address questions like why use project finance, how to allocate project risk, and how to value project investments. Also addresses the ratings process and, in particular, the possibility that a deal can pierce the sovereign ceiling (to receive a higher rating than the country rating in which it is located). Finally, shows how the capital markets are becoming an important source of funds for development projects.

【涉及课题】

Capital markets; Developing countries; International finance; Project finance; Risk assessment; Valuation

【背景】

    * Geographic: Venezuela
    * Industry: Petroleum extraction
    * Company Employee Count: 150,000
    * Company Revenue: $77 billion revenues
    * Event Year Begin: 1996
    * Event Year End: 1997

【下载】

http://www.mbabbs.com/thread-570-1-1.html