Argentina's Axion taps IFC for US$400mn in refinery loans
Development bank IFC will provide up to US$400mn in loans to Argentine oil refiner Axion for a US$1.5bn expansion project.
The expansion will take place at Axion's refinery in the town of Campana, Buenos Aires province.
The planned capacity increase and enhancement of fuel quality will provide added value to Argentina's domestic crude resources, reduce emissions and lower sulfur dioxide levels, according to IFC documents.
IFC's board was scheduled to review the financing on March 28.
Axion is a subsidiary of Bridas Corporation, in which Argentine firm Bridas Energy Holdings and Chinese state-owned oil company CNOOC each hold 50% ownership.
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