IFC backs Pan American Energy with $500 million for Campana refinery upgrade

Financing package

IFC approved a financing package for up to US$500 million to Pan American Energy to complete an expansion and upgrade of its Campana refinery. The package consists of an eight‑year US$135 million loan from IFC, US$315 million from several commercial banks and other financial institutions (Bancaribe, BBVA, Santander, Citi, ICBC, Crédit Agricole and JP Morgan), and US$50 million from IFC’s Managed Co‑Lending Portfolio Program (MCPP).

Refinery upgrade and outcomes

IFC’s financing will be used to finish a large‑scale, multi‑year upgrade of the Campana refinery, which provides about 15 percent of Argentina’s refined fuel. The completion will ensure the refinery can produce ultra‑low sulfur diesel, reduce sulfur emissions, make other environmental improvements, and increase access to cleaner fuels—becoming the first refinery in Argentina with capacity to produce ultra‑low sulfur diesel. The increased supply is intended to reduce Argentina’s reliance on imported fuels and expand availability of more efficient fuels, contributing to better air quality.

Strategic context

The investment aligns with the World Bank Group’s country partnership framework for Argentina, which emphasizes fostering private investment, competitiveness and reducing the country’s environmental footprint. IFC said the loan helps Argentina meet growing energy demand while transitioning to cleaner fuels and noted the importance of long‑term capital; in the past 18 months IFC has committed approximately US$1.3 billion in sustainable private sector projects in Argentina.