JULY 16, 2003 —
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed loan agreements with Petrobras Energía Venezuela (PEV), a wholly-owned subsidiary of Pecom Energía of Argentina (which is in the process of changing its name to Petrobras Energia S.A.).
Carlos Alvarez, Pecom Energia’s CFO, noted, “this financing is essential for the development of oil reserves in the most important of Pecom Energía’s assets, the four oil fields that Petrobras Energía Venezuela operates. IFC’s role has been extremely important in arranging this transaction. This deal also shows the confidence and excellent relationship between the Company and IFC.”
“We are proud of our relationship with PEV, a company that is committed to the highest operational and environmental standards. IFC is providing funds that are critical to the sustainability and expansion of PEV’s business in Venezuela,” said Mr.Rashad Kaldany, IFC Director for Oil, Gas, Mining, and Chemicals.
IFC’s $105 million financing package to Petrobras Energía Venezuela will support the company’s share of development costs.
Mr. Bernard Pasquier, IFC Director for Latin America, noted, “The transaction emphasizes IFC’s role in sustaining core private sector activities under difficult and complex market conditions, such as those that exist in Venezuela today.”
PEV participates in four oil and gas fields in Venezuela, specifically Oritupano Leona, La Concepción, Acema, and Mata. PEV has a strong track record of operations in Venezuela, as evidenced by PEV’s ability to substantially increase oil production on the mature oil fields it operates.
IFC’s mission(
www.ifc.org
) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through fiscal year 2002, IFC has committed more than$34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries. IFC’s committed portfolio at the end of FY02 was $15.1 billion with an additional $6.5 billion held for participants in loan syndications
