PAE Campana Refinery (IFC-42169)

  • Argentina
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 30, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 400.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 2, 2020

Disclosed by Bank Mar 22, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Pan American Energy, S.L. is a leading integrated energy company with upstream and downstream operations engaged primarily in the exploration, development and production of crude oil and natural gas, the refining of crude oil and the distribution and marketing of refined products. Pan American Energy, S.L. Argentina Branch is completing a project at its Campana Refinery in Argentina to increase the production of refined products, produce higher value and cleaner burning fuels, and reduce refinery air emissions. PAE requires financing (i) to for the Company’s investment program to finalize the construction and commissioning of the Project and (ii) increased working capital needs.

IFC is considering an investment in PAE comprising an A Loan of up to US$100m and a B Loan of US$300m to complete its ongoing multi-year refinery upgrade program to continue (a) increasing the production of refined products, (b) producing additional higher value and cleaner burning fuels, and (c) reducing Refinery air emissions.

While much of the proceeds will be used to complete the ongoing expansion program covered in the previous IFC investment, the expansion will also include some upgrades of existing operations such as, addition of a preheating train to the primary distillation unit; replacing the reformer’s fired heater ; replacing equipment at the light end system of the catalytic cracker; replacing the two coke drums in the existing delayed cracker unit; upgrading the coke storage facility to allow segregating two grades of coke (anode coke grade from green coke ); installing a new fired heater and scrubber at the existing diesel hydrotreater unit to convert it into a naphtha hydrotreater; and upgrading the fire prevention/response network; among others.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project amounts to US$400 million. IFC will provide up to US$100 million A Loan for its own account and up to US$300 million of mobilization loans.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Pan American Energy LLC Sucursal Argentina Undisclosed -

Contact Information
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The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

The Project refers to the Campana Refinery, which has easy access to roadways and waterways. It is located in a designated industrial area of the city of Campana, Argentina

The address is:

Av. Ing. Emilo Mitre 574 – B2804ABA

Campana, Buenos Aires Province,


How it works

How it works