IFC finances Argentine drilling, waterflood projects

08/22/2005
International Finance Corp. (IFC) signed a $250 million loan for the Argentine unit of Pan American Energy LLC to finance drilling and waterflood projects in southern Argentina’s Golfo San Jorge basin.The loan package involves a $115 million loan from IFC and a $135 million loan backed by commercial banks. The 7-year tenor of the IFC syndicated loan is the longest of any loan for an Argentina borrower since the country’s economic crisis in 2001, IFC said.Pan American Energy accounts for 13% of Argentina’s oil and gas production. BP PLC holds 50% interest in Pan American Energy, and Argentine independent Bridas Corp. holds 40% interest (OGJ, Jan. 24, 2000, p. 19).In 2004,...
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