Axion seeks IFC financing for Campana refinery expansion

Axion Energy is seeking project financing from the International Finance Corporation (IFC) to carry out a project to expand at its Campana Refinery in Argentina. 

The refinery is located near the town of Campana, 75 km northwest of capital Buenos Aires. 

The total cost is estimated to be at least US$1.5 billion. IFC will provide up to a US$75 million A Loan for its own account and up to US$325 million in syndicated B loans.

In 2014 the company halted the crude distillation units and other processing plants at the 87,000 barrel per day (bpd) Campana refinery to carry out a US$300 million planned maintenance. The overhaul started on March 7 2014 and it will take up to 40 days to be completed, including a delayed coker, a catalytic cracker and a reformer. Boilers and fracking towers will also receive maintenance.

At that time, the stoppage was also used to prepare further connections with the new units to be added in this expansion phase, which will increase by 60 percent the gasoil production capacity and by 50 percent the naphtha output at the refinery.

Axion is a wholly owned subsidiary of the Bridas Corporation, a private company primarily engaged in oil & gas activities in the Southern Cone. Bridas is 50% owned by Bridas Energy Holdings in Argentina and 50% by CNOOC Limited, one of China’s largest petroleum companies.

Axion acquired the asset in September 2012 from Exxon Mobil Corporation.