EDC financing will be used to expand company's Canadian suppliers list, according to agency
OTTAWA—Export Development Canada (EDC) is looking to help a Canadian oil and gas firm working in Latin America boost its supply chain at home, providing US$48.5 million in financing to the company.
Pacific Rubiales Energy Corp. landed the EDC financing that the export credit agency claims will help develop opportunities for Canadian firms to sell their products and services into Latin American nations where the company operates.
“(Pacific Rubiales) is always looking for new opportunities that will help … continue to grow and diversify (the) portfolio,” Pacific Rubiales’ investor relations manager Christopher LeGallais said in a statement. “This is an opportunity for us to engage with Canadian companies and expand our business.”
In 2012, EDC financing for Pacific Rubiales resulted in more than $30 million in new business for Canadian small and medium-sized enterprises, according to the agency.
“Pacific Rubiales is an important supply chain in Central America within the oil and gas exploration sector, an industry that pairs well with Canadian expertise, particularly at the SME level,” said Carl Burlock, senior vice-president of financing and investments with EDC.
“This is a great opportunity for Canadian companies to get the chance to showcase their value-add and expertise in these high-growth regions.”