Overseas Private Investment Corporation approved a USD 300 million ten-year loan for Vista Oil & Gas, which will be used to develop the shale oil in its Bajada del Palo block in Vaca Muerta. The agency also authorized another $ 150 million loan for Aleph Midstream, the country's first midstream company focused on gathering, treatment, evacuation and transportation of unconventional oil and gas.
Vista is a strategic shareholder of Aleph and its anchor client. The company was created this year after an agreement with the investment funds Riverstone Holdings LLC and Southern Cross Group.
The loan represents strong support for Vista's business model (which in just one year and a half of operations in the country generated significant trust), from a prestigious entity of the United States.
"This support from an important North American institution, revalidates Vaca Muerta as a state policy for the country, which transcends governments, and a sign of confidence for Argentina's future beyond the local scenario", said Miguel Galuccio, president and CEO of Vista.
And he added: "For Vista, this means an important sign of confidence, which after the IPO on the New York Stock Exchange, and the successful issuance of local bonds, which will accelerate our investment plan and make it even stronger".
OPIC release an official statement highlighting that this loan approved for Vista "will support economic growth at a key moment in Argentina and increase its energy independence." Regarding Aleph, the agency indicated that the disbursement will be used "for the independent development of transportation and processing of infrastructure for oil and gas."
"Both projects will generate local work, and great demand for local services and goods," OPIC said.
Vista is an independent Latin American oil and gas company, which has been operating since April 4, 2018. The company has high-quality assets, low-cost operating model, and high-conventional production margin in Argentina and Mexico, with most of its production and income generated in Argentina. It is listed on the Mexican and New York Stock Exchanges.
Aleph is the first company in the country dedicated exclusively to the midstream sector, with strong focus on Vaca Muerta, with the objective of providing services to all companies with developments in the Neuquina Basin.
Por favor no corte ni pegue en la web nuestras notas, tiene la posibilidad de redistribuirlas usando nuestras herramientas.