Ecopetrol Gets US Exim Loan

The US Exim Bank has approved a $1bn preliminary loan commitment for Colombia’s Ecopetrol, it says. The state-controlled oil company will use the funds to purchase goods and services from US providers as it develops reserves and upgrades refineries. Ecopetrol will have the opportunity to convert the commitment into specific medium- and long-term loan and guarantee transactions during the next two years, the bank says. Further details have not been negotiated, according to a US Exim spokesman. Ecopetrol, which had almost no debt of any kind one year ago, sold $1.5bn in 7.625% 2019 bonds last year in a well-received transaction, and aims to become a more frequent borrower as it funds a massive investment plan.