Colombia gonna give us a gas discount?

[waltky]

Uncle Ferd wonderin' if dey gonna give us a discount on gasoline...

U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia
Monday, April 18, 2011 - The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery--in Cartagena, Colombia.

The money would go to Reficar, a wholly owned subsidiary of Ecopetrol, the Colombian national oil company. “This is part of a $5.18 billion refinery and upgrade project in Cartagena, Colombia supplying petroleum products to the domestic and export markets,” the Export-Import Bank said in a statement. The U.S. government-controlled bank says the $2.84-billion in financing it plans to undertake will be the second largest project it has ever done. The largest was $3 billion in financing for a liquid natural gas project in Papua New Guinea.

The statement released by the bank said that on April 7 the bank’s presidentially-appointed board of directors had “voted to grant preliminary approval for a $2.84 billion direct loan/loan guarantee” for the Colombian refinery project. Export-Import Bank Spokesman Phil Cogan told CNSNews.com that the bank could not say at this time how much of the $2.84 billion would be directly loaned to the Colombian refinery company and how much would be in loans guaranteed by the bank--although he expected it to be a combination.

“It is conceivable it could be all a direct loan,” said Cogan. “Right now it is set up so that the board could do either a complete direct loan or a combination of direct loan and guarantee. That hasn’t been determined yet.” Since December, the bank has also approved almost $880 million in other loans and loan guarantees to Reficar’s parent company, Ecopetrol. So, in total, if the new $2.84 billion in loans is finalized, the Columbian national oil company and its wholly owned subsidiaries will have received $3.72 billion in financing backed by a U.S.-government-controlled entity within a span of five months.

“Just last February and December the Bank approved nearly $880 million in export financing to help finance the sale of goods and services from various U.S. exporters to Ecopetrol S.A., Colombia's national oil company,” Export-Import Bank President Fred P. Hochberg said in the bank’s statement announcing preliminary approval of the refinery loan. Export-Import Bank Spokesman Cogan stressed in an interview that although Reficar is wholly owned by Ecopetrol it remains a separate entity, and is considered as such for Export-Import Bank financing purposes.

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[LibocalypseNow]

First Brazil now Colombia. What a mess. Hopefully Congress has a say in these ridiculously Anti-American deals. These kooks do nothing but demonize American Oil Companies on a daily basis yet are perfectly willing to give American Tax Dollars to foreign Oil Companies. I don't understand this President's policies. They're just plain stupid and Anti-American. Lets not create more Brazilian and Colombian Jobs. Lets create more American Jobs instead. Congress needs to get involved and stop these "Loans" from happening. Most Americans do not support this policy. There should be no American Tax Dollars used for this ridiculous policy. Period,end of story.

 

[The T]

First Brazil now Colombia. What a mess. Hopefully Congress has a say in these ridiculously Anti-American deals. These kooks do nothing but demonize American Oil Companies on a daily basis yet are perfectly willing to give American Tax Dollars to foreign Oil Companies. I don't understand this President's policies. They're just plain stupid and Anti-American. Lets not create more Brazilian and Colombian Jobs. Lets create more American Jobs instead. Congress needs to get involved and stop these "Loans" from happening. Most Americans do not support this policy. There should be no American Tax Dollars used for this ridiculous policy. Period,end of story.

As there is a moratorium on US Drilling...and when was the last time a Refinery was built here?

 

[LibocalypseNow]

Yea lets give American Tax Dollars to foreign Oil Companies to drill for Oil. SAY WHAAA?? This policy is just so fucked up and is very Anti-American. We need American Jobs. Not one penny of Tax Payer money should go to foreign Oil Companies. Congress needs to act immediately and kill this policy. Lets hope this happens.

 

[dean12]

now there is another resource to which is giving our resource of energy.