Argentina energy firm Axion to invest $1.5 bln to expand plant

Source: Reuters
05.24.2016

Argentine energy firm Axion Energy, partially owned by China's CNOOC Ltd will invest $1.5 billion to expand a local refinery, Argentina's Finance Minister Alfonso Prat-Gay said on Tuesday.

The International Finance Corporation, the private sector lending arm of the World Bank, will provide financing of $378 million for the project, which is expected to create some 1,600 jobs in its construction phase, Prat-Gay said.

The investment, which was reported this month by Project Finance International, a Thomson Reuters publication, is aimed at upgrading refining capacity at the Campana Refinery, which is located about 80 kilometers (50 miles) northwest of Buenos Aires.

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