New York-The US Export-Import Bank said this week it has approved a $1 billion "preliminary commitment" to support the financing of goods and services from US exporters to Colombia's state-controlled oil company Ecopetrol. Under the commitment, Ecopetrol "may request the financing to buy oil field-related equipment and services from US companies large and small. They will use these US products to develop oil and gas reserves, improve existing oil field production and upgrade refineries. The company plans to significantly increase petroleum production to 1 million barrels of oil equivalent per day by 2015," the Bank said.
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