Reficar Refinery
Portland acted as Financial Advisor to US-EXIM on the $5.7bn expansion and upgrade of the Reficar oil refinery in Colombia sponsored by Ecopetrol.
US$5.7bn project financing for the expansion and upgrade of the Reficar oil refinery in Colombia sponsored by Ecopetrol. Portland acted as Financial Advisor to US-EXIM.
Project Financing — Reficar Oil Refinery Expansion. Financial Advisor to US-EXIM.
The Portland team advised throughout the project finance-raising process including:
- Project appraisal and identification of critical issues
- Review of project agreements
- Review of project model
- Assistance with the preparation of internal papers
- Assistance with negotiation of Ex-Im term sheet
- Assistance with project due diligence and loan documentation.
The financing was structured as a project financing with tolling support from Reficar. As a result of the project, the refinery’s capacity increased from 80,000 barrels per day to 165,000 bpd and its Nelson complexity rating improved from 5.1 to 10.5. US-EXIM supported goods and services from a number of US companies led by Chicago Bridge and Iron, Inc. (EPC contractor). US Ex-Im Bank support for the project amounted to US$2.75 billion, making it one of the largest single financings undertaken by US Ex-Im Bank.