IFC to finance Argentina oil and gas investment

13 July 2007 19:39  [Source: ICIS news]

HOUSTON (ICIS news)--The International Finance Corporation (IFC) signed on Friday a $550m (€402m) loan agreement to support Argentina’s economic growth through expansion of oil, gas, and mining sectors.

The recipient of the loan is oil and gas producer Pan American Energy (PAE).

“PAE's development of its strategically located gas reserves will continue to be instrumental in increasing the energy supply needed to support Argentina’s economic growth,” said IFC senior manager for Argentina and the Southern Cone Yolande Duhem in a statement.

The announcement comes amid instability in the Argentine gas and energy complex due to unexpectedly cold weather and a resulting cut in ethane feedstock supply to the local petrochemical industry.

Industry sources have blamed the current crisis on long-term price controls, which have discouraged investment in gas production.

($1.00 = €0.73)

By: John Waggoner
+1 713 525 2653

< previous article(ICIS Chemical Business podcast November 2, 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly