Export-Import Bank of the United States (Ex-Im Bank) has granted about $1 billion to finance Ecopetrol’s purchase of U.S. goods and services. Ex-Im Bank will award a $420 million medium-term loan guarantee facility and a $459.8 million long-term loan guarantee facility to the Colombian company. The long-term loan guarantee facility will be used to modernize Colombia’s Berrancabermeja refinery, which has about $4 billion of estimated total project costs. The medium-term loan guarantee facility will be used for company-wide capital investments.
Click here for the release from PR Newswire.