IDB Signs Camisea Financing

The Inter-American Development Bank (IDB) signed documents Monday with the TGP consortium responsible for transporting gas from Peru's Camisea project for a US$75mn loan, the IDB said in a statement.

The IDB board approved a repayment term of up to 15 years, IDB spokesperson Daniel Drosdoff told BNamericas, adding that other loan details are confidential.

Disbursement should take place within six weeks, he said. The financing is for part of the two main pipelines in the project, for which the Andean Development Corporation (CAF) has approved a further US$50mn.

Separately, the IDB approved in December 2002 a US$5mn loan to help Peru's government study, monitor and control the environmental and social impact of the project. That work is ongoing, Drosdoff said.

Gas from Camisea started arriving in Lima and the adjacent city of Callao from the gas fields 720km in the east of the country in early August. The natural gas pipeline has an initial capacity of 285 million cubic feet a day (mcf/d), which will rise to some 450mcf/d by 2015. The natural gas liquids pipeline has an initial capacity of 50,000 barrels a day.

The TGP consortium is headed by Argentina's Techint, which has a 23.4% stake. Other partners are Argentina's Pluspetrol and US company Hunt (22.2% each), South Korea's SK Corp and Algeria's Sonatrach (11.1% each), Belgium's Tractebel (8%) and Peruvian construction company Grana y Montero (2%).

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