Ecopetrol S.A. announced that the U.S. Export-Import Bank (U.S. Eximbank) issued a Preliminary Commitment letter for the financing of American goods and services to be used in exploration and development activities, as well as improvement and expansion of existing facilities, up to a value of $1 billion.
This preliminary approval is the first step toward obtaining final approval (Final Commitment), once Ecopetrol fulfills all requirements typical of this type of transaction. Financial terms have not yet been established.
The announcement is excellent news for the company and confirms the confidence of the international financial community in Ecopetrol S.A.'s strategic investment plan.
Additionally, a similar commitment by the U.S. Eximbank is also expected in connection with the expansion project of the Cartagena Refinery, owned by Reficar S.A., and a subsidiary of Ecopetrol S.A.
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