The financing includes a US$150mn A-loan with an 11-year term and US$400mn in B-loans with terms of 7-8 years.
IFC has never granted a larger loan in its more than 50-year history, PAE said.
PAE plans to invest a total of US$858mn in the Cerro Dragon area in 2007-08.
PAE doubled its production between 1999 and 2006 and is now the second largest hydrocarbons producer in Argentina, PAE said.
The company has a daily production of 220,280boe/d, a figure that represents 16.9% of all oil and 13.4% of all natural gas produced in Argentina.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles