IFC is to lend US$17mn in equity to support Roch, an Argentine oil and gas company, accelerate the development of its hydrocarbon reserves, particularly natural gas. This investment is expected to be followed up by a long-term loan of US$20mn.
"Developing our gas reserves will help provide the energy Argentina needs to grow. Our cooperation with IFC validates our business plan and capabilities" comments Ricardo Chacra, Roch's president and CEO.
"IFC's financial support will help strengthen our capital base and position as an independent regional oil and gas company through potential further acquisitions. This outcome would not have been possible without IFC’s deep sector expertise and rapid decision-making process.”
With IFC’s support, Roch expects to double production from its existing fields by 2010.
Roch is an Argentine company founded in 1990 that owns and operates oil and gas assets in central and southern Argentina. The company’s main asset is its role in the Rio Cullen-Las Violetas-Angostura joint venture which produces natural gas and crude oil in Tierra de Fuego.
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