Considering everything, I cannot say this is a totally bad move since it is a loan and many of the support jobs for equipment etc., we are told, are here in the US. The problem I have is the hypocrisy of the Obama administration in supporting Brazil’s and now Colombia’s oil field and refinery development, while demonizing the American oil industry and failing to promote and support development here at home. I guess it is most likely not hypocrisy, but a calculated move to enrich one of Obama’s major donors, George Soros.
If we are going to risk billions to develop foreign sources of this evil energy, why don’t we risk a few dollars here at home? Or better yet, get our government out of the way and let private enterprise take over. We could become energy self sufficient within ten years and take away all those dollars from our Arab and Venezuelan “friends”.
Excerpt: The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery–in Cartagena, Colombia.
The money would go to Reficar, a wholly owned subsidiary of Ecopetrol, the Colombian national oil company.
“This is part of a $5.18 billion refinery and upgrade project in Cartagena, Colombia supplying petroleum products to the domestic and export markets,” the Export-Import Bank said in a statement.
The U.S. government-controlled bank says the $2.84-billion in financing it plans to undertake will be the second largest project it has ever done. The largest was $3 billion in financing for a liquid natural gas project in Papua New Guinea.
The statement released by the bank said that on April 7 the bank’s presidentially-appointed board of directors had “voted to grant preliminary approval for a $2.84 billion direct loan/loan guarantee” for the Colombian refinery project.
Read full CNS News article here.