Dec. 2 (Bloomberg) -- The Inter-American Development Bank agreed to loan Ecuador’s state-owned oil company $58 million to modernize pumping stations and improve environmental management.
The 25-year, floating-rate loan to PetroEcuador will carry an interest rate based on the London interbank offered rate, the IADB said today in a statement on its website.
The funds will help PetroEcuador reduce energy costs from pumping by 50 percent and clean up hazardous waste and contaminated soil at company sites, the statement said.
To contact the reporter on this story: Nathan Gill in Quito at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos at Papadopoulos@bloomberg.net