IFC Fosters Competition in South East Asia’s Oil and Gas Market
Washington, D.C./Hong Kong, June 2008—IFC, a member of the World Bank Group, has agreed to help finance one of a few private-sector oil and gas companies operating in Southeast Asia to promote competition in a market that is dominated by state-owned oil companies and large producers.
With granting a $50 million loan to Salamander Energy plc, IFC is supporting an independent upstream oil and gas exploration and production company with significant natural gas reserves, consistent with IFC’s emphasis on the development of cleaner fossil fuels.
“We appreciate IFC’s commitment to building long-term relationships with their clients,” said James Menzies, Chief Executive of Salamander Energy. “IFC provides us with capital and local knowledge and they are willing to share project and country risks.”
The IFC loan is part of Salamander’s newly signed $200 million reserve based facility for the company’s 2008-2010 investment program. Salamander has operations in Indonesia, Thailand, the Philippines, Lao PDR, and Vietnam.
IFC’s environmental and social experts will help Salamander to further develop its environmental, health, safety and social management system, in line with international best practices and IFC’s Performance Standards on sustainable development.
“This investment in Salamander is an example of IFC’s strategy to support emerging independent oil and gas companies around the globe to help them grow and establish themselves as socially and environmentally responsible operators,” said Somit Varma, IFC Director for Oil, Gas, Mining, and Chemicals.
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