Description

In 2015, IFC made an investment of USD 100 million for its account and mobilized up to USD 300 million in B Loan and Parallel Loans to partially fund PAE’s 2015/2016 capital expenditure program. The investment was made to further develop PAE’s oil and gas assets in the Cerro Dragón block in the Golfo San Jorge Basin, in the Lindero Atravesado block, and in the Neuquén Basin. The engagement encompassed activities related to drilling, secondary recovery, facility expansions, improvements, and parts of the 2015/2016 investment program to support increased oil and gas production (IFC Project #36146). In 2019, IFC made an additional investment in PAE comprising of an A Loan of up to USD 100 million and a B Loan of USD 300 million to complete PAE’s ongoing multi-year refinery upgrade program of the Campana Refinery, specifically to continue increasing the production of refined products, producing additional higher value and cleaner burning fuels, and reducing Refinery air emissions (IFC Project #42169).