Watson Farley & Williams advised a banking syndicate led by Banco Santander, S.A (“Banco Santander”) on the circa US$252m financing granted to Refinería la Pampilla, S.A.A. (“La Pampilla”), a Peruvian refinery 83% owned by Repsol S.A. (“Repsol”), the leading Spanish energy company. The funding is for the construction of a new production facility for diesel fuels at the refinery and was supported by Spain’s export credit agency (“ECA”) Compañía Española de Créditos a la Exportación, S.A. Compañía de Seguros y Reaseguros, S.M.E. (“CESCE”).
antander structured and led the financing as agent for the international banking syndicate consisting of BBVA, CACIB, Commerzbank, Intesa Sanpaolo and Banco Sabadell.
Located in Peru’s Ventanilla district, La Pampilla has been active for over 40 years. The refinery supplies close to 50% of the Peruvian domestic market’s fuel consumption, also accounting for roughly half of Peru’s refining capacity. Its main products include LPG, gasoline, diesel, kerosene, industrial oil, asphalt cement and liquid asphalt.
The planned new construction facility will prevent the emission of circa 100 tonnes of sulphur dioxide every day, making La Pampilla one of Peru’s most environmentally friendly refineries.
The cross-border WFW team advising Santander was led by Madrid Partner and banking & finance head Rodrigo Berasategui (Picture), working closely with Paris asset finance Partner Alexia Russell. They were assisted by finance Associates Juan Vicente Barquilla in Madrid and Ruth van Lare in Paris.
Peruvian law advice was provided by domestic law firm Miranda & Amado, led by Partner José Miguel Puiggros.
Involved fees earner: José Miguel Puiggros – Miranda & Amado Abogados; Rodrigo Berasategui – Watson Farley & Williams; Alexia Russell – Watson Farley & Williams; Juan Vicente Barquilla – Watson Farley & Williams; Ruth van Lare – Watson Farley & Williams;