Tuesday September 26, 2023
  • Venezuela
  • Mexico
  • Colombia
  • Chile
  • Brazil
  • Argentina
  • Podcast
Versión Español
PanAm Post
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact
No Result
View All Result
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact
No Result
View All Result
PanAm Post
No Result
View All Result

Home » World Bank Finances New Colombian LNG Project

World Bank Finances New Colombian LNG Project

PanAm Post Staff by PanAm Post Staff
July 15, 2014
in Colombia, News Brief, South America
FacebookTwitterTelegramWhatsapp

Español Due to growing demand for liquefied natural gas (LNG), the World Bank’s private lending arm, the International Finance Corporation (IFC), will help develop the world’s “first floating liquefaction plant” in Colombia. The plant is expected to begin exporting liquefied natural gas by the middle of next year.

Colombia's natural gas distribution system
Colombia’s natural gas distribution system. (ANIF)

Most of the US$300 million project will be funded through the IFC, with an initial investment of US$240 million to begin construction of the LNG project. According to Lance Crist, the global head of oil and gas for the IFC, an additional $60 million is expected to come from other lenders “in transactions expected to close in the next several weeks.”

RelatedArticles

Maduro’s Trial Falls Behind Despite Coordination Between Interim Government and ICC

June 15, 2021
Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes

Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes

January 29, 2021

“The beauty of this is that it will basically enable Colombia to take advantage of some of its stranded gas and supply it to regional markets,” said Crist. “In the near term, they will be selling gas to the international market, but now that this kind of supply is available, you will start to see regasification units being built in the Caribbean.”

The Colombian plant project is a joint-enterprise between the Pacific Rubiales Energy Corporation, the country’s largest independent oil and gas exploration and production company, and Belgium’s Exmar NV, a carrier of LNG and liquefied petrol gas located in Antwerp.

According to Crist, the plant, which is expected to produce “500,000 metric tons of LNG a year,” is under construction in China, and will be taken to Colombia to begin operations next year.

“The IFC will probably supply at least $500 million in regional project funding over the next year, and the rest will come from other banks and partners,” said Crist.

According to a forecast by the US financial research company Sanford C. Bernstein, Latin America is set to consume 28.9 million tons of fuel by 2025, more than double the amount projected for 2014.

Source: Bloomberg.

Tags: Lance CristNatural GasWorld Bank
PanAm Post Staff

PanAm Post Staff

Related Posts

News

Maduro’s Trial Falls Behind Despite Coordination Between Interim Government and ICC

June 15, 2021
Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes
Analysis

Three Key Moments to Remind Us That the UN Is a Nest of Oppressive Regimes

January 29, 2021
Dollarization Advances in Venezuela with Debit Cards for Foreign Currency Accounts
Argentina

Argentina Drags Chile in its Bipolar Madness Over Venezuela

January 28, 2021
Dollarization Advances in Venezuela with Debit Cards for Foreign Currency Accounts
Analysis

Dollarization Advances in Venezuela with Debit Cards for Foreign Currency Accounts

January 28, 2021
Mexico, the Dilemma of Voting for a Comedian or an “Alleged” Rapist
Mexico

Mexico, the Dilemma of Voting for a Comedian or an “Alleged” Rapist

January 27, 2021
Maduro’s “Miracle Drops” Against COVID-19 Pass Twitter’s Filter
News

Maduro’s “Miracle Drops” Against COVID-19 Pass Twitter’s Filter

January 26, 2021
Next Post
Peru and Honduras Drop Visa Requirements for Tourists

Honduran President: US Drug Policy Caused Migrant Crisis

Subscribe free and never miss another breaking story

  • Venezuela
  • Mexico
  • Colombia
  • Chile
  • Brazil
  • Argentina
  • Podcast

© 2020 PanAm Post - Design & Develop by NEW DREAM GLOBAL CORP. - Privacy policy

No Result
View All Result
  • Home
  • Regions
    • South America
    • North America
    • Central America
    • Caribbean
  • Politics
  • Economics
  • Opinion
  • Podcast
  • Authors
  • Contact

© 2020 PanAm Post - Design & Develop by NEW DREAM GLOBAL CORP. - Privacy policy

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Privacy and Cookie Policy.