BOGOTA – Colombian state-controlled oil company Ecopetrol said Tuesday it received a five-year, $300 million bilateral international loan from Export Development Canada, or EDC, the Canadian government’s export credit agency.
Thanks to the loan, Ecopetrol has now met nearly 50 percent of its 2016 financing needs and will continue funding the investment plan.
The interest rate on the loan is based on LIBOR plus 140 basis points, Ecopetrol said in a statement.
The loan’s terms are the same as those on the international syndicated loan obtained by Ecopetrol in February 2015.
The EDC loan is not contingent on Ecopetrol executing any specific projects.
Ecopetrol is one of the 50 largest oil companies in the world and one of the top four in Latin America.
Ecopetrol, which accounts for more than 60 percent of Colombia’s oil production, also has exploration and production operations in Brazil, Peru and the U.S. Gulf of Mexico.