Colombia authorizes oil producer Ecopetrol to arrange $1 bln loan

Bladex

29/08/2023 01:16

BOGOTA, Aug 28 (Reuters) - Colombia's Ministry of
Finance has authorized state-controlled energy company Ecopetrol
 ECO.CN  to arrange a line of credit worth up to $1 billion with
international lenders, the company said on Monday. 
    The loan will be provided by Deutsche Bank AG  DBKGn.DE ,
Banco Inbursa S.A., Foreign Trade Bank of Latin America S.A.
 BLX.N  and ICBC Standard Bank Plc  SBKJLS.UL , Ecopetrol said
in a statement.
    The loan has a seven-year term and includes a variable
interest rate previously disclosed between the lenders and
Ecopetrol, the company said, without specifying the rate.
    The loan will see the disbursement of $800 million in the
coming days, with an option to draw down an additional tranche
of $200 million in the following 90 days, Ecopetrol added. 
    The loan will help fund Ecopetrol's investment plan for this
year, the company said.     
    Ecopetrol previously reported it will invest between around
$6.1 billion and $7.2 billion this year to speed the transition
toward renewable energies and help Colombian maintain energy
self-sufficiency, among other investments.
    

 (Reporting by Oliver Griffin; Editing by Leslie Adler)
 ((Oliver.Griffin@thomsonreuters.com; +57 304-583-8931;))