Integrated oil company, Ecopetrol S.A.(EC), Tuesday said that the U.S. Export-Import Bank or U.S. Eximbank issued a preliminary commitment letter stating to finance upto $1 billion for American goods and services to be used in exploration and development activities and to improve and expand existing facilities. Financial terms of the transaction has not yet been finalized.
Bogota, Colombia-based Ecopetrol noted that preliminary approval is the first step toward obtaining final approval once the company fulfills all requirements typical of such kind of transaction.
The U.S. Eximbank is also expected to make similar commitment in connection with the expansion project of the Cartagena Refinery, owned by Reficar S.A., and a subsidiary of Ecopetrol S.A.
On December 11, 2009, the company raised its full year 2010 investment plan from last year, with the total investment plan for the year at US$6.93 billion, up 11% from US$6.224 billion approved for 2009. Ecopetrol also said that 93% of the investment would be concentrated in Colombia and the remaining 7% for exploration and production projects in the U.S., Gulf Coast, Brazil, and Peru. Of the total, 65% capital investment would be used in exploration and production, of which 51% would be allocated to production.
Ecopetrol had said that it would obtain funds totaled US$3.5 billion, equivalent to 19% of the company's total budget for 2010, through bond issuances in both the international and local capital markets, commercial bank loans, multilateral and export development credit facilities, and potential sale of its interests in some of its non-strategic assets.
EC closed Tuesday's regular trading session at $25.64, up $0.23 or 0.91% on the NYSE.
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