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CORRECTION FROM SOURCE: Export Development Canada Provides Financing of USD 48.5 M to Pacific Rubiales
|By Marketwired .
|July 23, 2014 05:56 PM EDT
OTTAWA, ONTARIO -- (Marketwired) -- 07/23/14 -- This document corrects and replaces the press release that was sent today, July 23, 2014 at 4:30 AM EDT. The amount for financing to Pacific Rubiales was 48.5 M USD, not 70 M USD.
Export Development Canada (EDC) today announced financing of USD 48.5 M to Pacific Rubiales Energy Corp. renewing its partnership with the largest private sector publicly traded oil and gas producer operating in Colombia.
EDC is a leading global financier for international companies that have, or are considering, Canadian companies in their supply chain. In 2013, more than CAD 95 B of EDC's financial services were used to make business between international and Canadian companies easier.
"EDC can provide reliable financing for Columbia and Central American companies," said Stephen Benoit, Chief Representative, Andean Region, EDC. "EDC's ability to match leading Canadian companies with the supply chain needs of Central American companies is invaluable. Our goal is to be a financial partner that helps South American and Canadian companies grow together."
EDC has permanent representations in Bogota that provide on-the-ground support to companies looking to partner with Canadian business.
This financing will help develop new opportunities for South American companies to benefit from Canadian expertise that meets their supply chain needs in the oil and gas, extractive, and manufacturing sectors.
"Pacific Rubiales is an important supply chain in Central America within the oil and gas exploration sector, an industry that pairs well with Canadian expertise, particularly at the SME level," said Carl Burlock, Senior Vice-President, Financing and Investments, EDC. "This is a great opportunity for Canadian companies to get the chance to showcase their value-add and expertise in these high-growth regions."
Canada is the fifth largest source of global investment in Colombia, with merchandise exports from Canada to Colombia reaching a value of CAD 785 M in 2012, focused in the resources and oil/gas sectors.
Columbia is a strategic market for Canada, as outlined in the Government's Global Market Action Plan, and is also a market of corporate priority for EDC. EDC is looking to grow the amount of financing that it offers to Clumbian companies for their capital expenditures, whether the financing be for general corporate purposes or project finance purposes.
EDC provides financing and insurance products to help Canadian companies grow their international business. Part of that offering includes financing for Central and South American buyers, and project owners, through which it can learn about their supply chain needs and introduce them to Canadian companies that have the right services to help them grow.
Canadian companies active in the aforementioned sectors and looking to grow their business in Columbia can contact EDC at 1-800-295-2528.
EDC is Canada's export credit agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private- and public- sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.
For more information about how EDC can help your company, visit www.edc.ca
About Pacific Rubiales
Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. Pacific Rubiales has also acquired 100% of Petrominerales Ltd, which owns light and heavy oil assets in Colombia and oil and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.
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