BG Group Plc (BG/) received initial approval for $1.8 billion of finance from the Brazilian Development Bank to fund the company’s investment in offshore oil fields in the Latin American country.

The loan, subject to a final agreement, will be allocated to BG Group’s share of local construction costs for eight floating, production, storage and offload platforms, the company said in a statement.

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net