Ex-Im Bank approves $1 billion for Ecopetrol
The U.S. Export-Import Bank announced Tuesday the approval of a $1 billion preliminary commitment to help finance the sale of goods and services from various U.S. exporters to Ecopetrol S.A., Colombia's national oil company.
With this commitment, Ecopetrol may request the financing to buy oilfield-related equipment and services from U.S. companies. The U.S. products will be used to develop oil and gas reserves, improve oil field production and upgrade refineries, Ex-Im Bank said.
According to the bank, Ecopetrol plans to increase petroleum production to 1 million barrels of oil per day by 2015 at its fields in Cartagena and Berrancabermeja.
Ex-Im Bank said Ecopetrol will have the opportunity to request conversion of the preliminary commitment into final transactions for medium- and long-term loans and guarantees during the next two years as it identifies potential U.S. exporters for its projects. The transactions will be submitted to Ex-Im Bank's board for final approval.
Ex-Im Bank approves $1 billion for Ecopetrol
