Queiroz Galvao Perfuracoes S.A.

completed

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.