Madrid, December 15, 2017. COFIDES will support Bituconsulting, a Madrid-based company, as they begin operations in Argentina.
To this end, it will provide 250,000 euro by means of a co-investment instrument funded by the FONPYME (75%) and COFIDES’ own resources (25%) for the installation of a modular asphalt bitumen modification plant. The project involves a total investment of 1,350,000 euro.
Bituconsulting has developed and constructed a modular bitumen modification plant whose first destination will be the DIADASA facilities in Cañuelas, 70 kilometres from Buenos Aires. The modular nature of Bituconsulting´s patented design allows for an efficient transport and simple and fast assembly so that its clients can modify asphalt bitumen under quality conditions comparable to those of refinery facilities.
Asphalt bitumen is a by-product of the distillation of natural hydrocarbons. Its binding and waterproofing qualities mean that it is the most used product for paving roads and airports. It can also be used in the waterproofing and sealing of roofs, among other things.
After signing the financing agreement, the COFIDES chairman highlighted the fact that "Argentina offers opportunities for Spanish companies" and said he is confident that Bituconsulting will consolidate their establishment in the country, growing to a larger size and expanding their business.
Bituconsulting’s representative in the project, Victor Cato, thanked COFIDES for their support in this project and said that he is confident that it will be the first of many others.
This is Bituconsulting’s first project in Argentina. Created in Madrid in 2011, the company is dedicated to the management of asphalt bitumen. At the end of 2016, it had 21 employees. They have previous experience in markets as diverse as Morocco and Panama.
COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat for Trade, within The Ministry of Economy, Industry and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank, Sabadell Bank and CAF (Development Bank of Latin America).