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Old 04-18-2011, 05:00 PM
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Exclamation U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

(CNSNews.com) - The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery--in Cartagena, Colombia.

The money would go to Reficar, a wholly owned subsidiary of Ecopetrol, the Colombian national oil company.

“This is part of a $5.18 billion refinery and upgrade project in Cartagena, Colombia supplying petroleum products to the domestic and export markets,” the Export-Import Bank said in a statement.
(more at link)
U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery?In Colombia | CNSnews.com



I'd just like to know what planet our leaders are living on?

Planet "spend like we have money" ???

Someone in DC needs their ass kicked.
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Old 04-18-2011, 05:36 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

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Originally Posted by Trinnity View Post
(CNSNews.com) - The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery--in Cartagena, Colombia.

The money would go to Reficar, a wholly owned subsidiary of Ecopetrol, the Colombian national oil company.

“This is part of a $5.18 billion refinery and upgrade project in Cartagena, Colombia supplying petroleum products to the domestic and export markets,” the Export-Import Bank said in a statement.
(more at link)
U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery?In Colombia | CNSnews.com



I'd just like to know what planet our leaders are living on?

Planet "spend like we have money" ???

Someone in DC needs their ass kicked.
It's always good to get a second source when posting from a right OR left wing organization. Right now it is unknown how much will be loaned and how much will just be guaranteed. This is a bank and loaning money is what they do. What ever money they loan, they get back with interest. That equals profit. Second, by providing this guarantee/loan, they are creating lot's of jobs, which I'm sure you're aware of, we could use right now. If you look at this in context, it a very good move that will be beneficial to our economy. That's the planet our leaders live on.

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The financing, when finally approved, will support the purchases of equipment and services from over 150 large and small U.S. engineering/design, equipment supply, contracting and process license firms, including Chicago Bridge & Iron, Foster Wheeler, Exxon/Mobil and UOP.

This is part of a $5.18 billion refinery and upgrade project in Cartagena, Colombia supplying petroleum products to the domestic and export markets. About four percent of the transaction will directly benefit small businesses. The transaction will help create or sustain over 15,000 American jobs for a total of four years.
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Old 04-18-2011, 05:38 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

They should be loaning the money to build refineries HERE. Jobs HERE.
Where does the money come from? Does the fed just print it; do we borrow it from China?

hint: we're broke
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Old 04-18-2011, 06:03 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

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Originally Posted by Trinnity View Post
They should be loaning the money to build refineries HERE. Jobs HERE.
Where does the money come from? Does the fed just print it; do we borrow it from China?

hint: we're broke
But that's not the purpose of the Export-Import Bank.

Export-Import Bank of the United States - Wikipedia, the free encyclopedia

Quote:
The Export-Import Bank of the United States (Ex-Im Bank) is the official export credit agency of the United States federal government. It was established in 1934 by an executive order, and made an independent agency in the Executive branch by Congress in 1945, for the purposes of financing and insuring foreign purchases of United States goods
They secure a loan, American goods are purchased, American jobs are created, they get paid back with interest... it's a win win. Where's the down side?

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Old 04-18-2011, 06:12 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

The refineries should be built HERE. The jobs should be HERE.
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Old 04-18-2011, 06:21 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

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Quote:
Originally Posted by sunwestdog View Post
They secure a loan, American goods are purchased, American jobs are created, they get paid back with interest... it's a win win. Where's the down side?
The refineries should be built HERE. The jobs should be HERE.
Correct...

While creating (OR SUSTAINING) 15K jobs here, most of the jobs will be OUTSOURCED to Columbia...The bang for the buck isn't there...
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Old 04-18-2011, 06:22 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

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The refineries should be built HERE. The jobs should be HERE.
And if Bank of America were making the loan, you would have a point. But since it's the IM-EX bank, you don't. This is what they do and have been doing for 66 years. It's going to be great for our economy, so I don't understand the problem. They don't loan money to American companies on American soil, so "they should build refineries here" is not even an option.
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Old 04-18-2011, 06:23 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

Quote:
Originally Posted by Trinnity View Post
(CNSNews.com) - The U.S. Export-Import Bank, an independent agency of the federal government, is now planning a $2.84-billion loan for a massive project to expand and upgrade an oil refinery--in Cartagena, Colombia.

The money would go to Reficar, a wholly owned subsidiary of Ecopetrol, the Colombian national oil company.

“This is part of a $5.18 billion refinery and upgrade project in Cartagena, Colombia supplying petroleum products to the domestic and export markets,” the Export-Import Bank said in a statement.
(more at link)
U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery?In Colombia | CNSnews.com



I'd just like to know what planet our leaders are living on?

Planet "spend like we have money" ???

Someone in DC needs their ass kicked.
I don't understand how we can loan money when we are borrowing to stay alive?
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Old 04-18-2011, 07:12 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

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I don't understand how we can loan money when we are borrowing to stay alive?
Exactly my point, salty. We're broke.

I'll ask it again: Where did the money come from? China? Just printed it???

C'mon. This is BS.
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Old 04-18-2011, 08:37 PM
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Default Re: U.S. Gov't Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia

The problem is that you CAN'T build a refinery here anymore...or a nuke plant.
Might as well build 'em in Columbia... and let the Chinese drill for Gulf Oil while we subsidize GE windmills and send the taxpayers the bill.

Bottom line...any project that regular banks won't finance...ain't a good deal. We have no need for any quasi government entities making marketplace decisions. Just look at how Fannie/Freddie do with that right here at home!

My guess is that the ex-im bank is really a tool of foreign policy...not economic policy. In this case...a reward for continued cooperation on the war on drugs, help for a friendly government and some good news for Columbia since the free trade agreement is in limbo due to the union opposition.
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