JULY 16, 2003 —The International Finance
Corporation (IFC), the private sector arm of the World Bank Group, has
signed loan agreements with Petrobras Energía Venezuela (PEV), a wholly-owned
subsidiary of Pecom Energía of Argentina (which is in the process of changing
its name to Petrobras Energia S.A.).
Carlos Alvarez, Pecom Energia’s CFO, noted, “this financing is essential
for the development of oil reserves in the most important of Pecom Energía’s
assets, the four oil fields that Petrobras Energía Venezuela operates.
IFC’s role has been extremely important in arranging this transaction.
This deal also shows the confidence and excellent relationship between
the Company and IFC.”
“We are proud of our relationship with PEV, a company that is committed
to the highest operational and environmental standards. IFC is providing
funds that are critical to the sustainability and expansion of PEV’s business
in Venezuela,” said Mr.Rashad Kaldany, IFC Director for Oil, Gas, Mining,
IFC’s $105 million financing package to Petrobras Energía Venezuela
will support the company’s share of development costs.
Mr. Bernard Pasquier, IFC Director for Latin America, noted, “The transaction
emphasizes IFC’s role in sustaining core private sector activities under
difficult and complex market conditions, such as those that exist in Venezuela
PEV participates in four oil and gas fields in Venezuela, specifically
Oritupano Leona, La Concepción, Acema, and Mata. PEV has a strong
track record of operations in Venezuela, as evidenced by PEV’s ability
to substantially increase oil production on the mature oil fields it operates.
is to promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve people’s lives. IFC finances private
sector investments in the developing world, mobilizes capital in the international
financial markets, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through fiscal year 2002, IFC has committed more
than$34 billion of its own funds and arranged $21 billion in syndications
for 2,825 companies in 140 developing countries. IFC’s committed portfolio
at the end of FY02 was $15.1 billion with an additional $6.5 billion held
for participants in loan syndications