Ex-Im Bank Finances U.S. Exports to Reficar Refinery in Colombia, Supporting Over 15,000 American Jobs

Photo of Reficar refinery

In FY 2011, Ex-Im Bank approved a $2.84 billion direct loan/loan guarantee to Colombia’s Refinería de Cartagena S.A. (Reficar), an independent subsidiary of Ecopetrol S.A., Colombia’s national oil and gas company.

This financing is part of a $5 billion refinery and upgrade project in Cartagena, from which Reficar will supply petroleum products to the domestic and export markets.

Ex-Im’s financing will support the purchases of equipment and services from over 150 large and small U.S. engineering and design, equipment supply, contracting and process licensing firms, including CBI Americas Ltd. in Houston, Texas. Suppliers include small businesses in Lousiana, Texas, Colorado, New Jersey, New York, Missouri, Ohio, Oklahoma and Pennsylvania.

Ex-Im Bank estimates that this transaction will create or sustain more than 15,000 American jobs for a total of four years.