Gas Natural del Rio Panuco

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Gas Natural del Rio Panuco (GNP) is a company created in 1997 to distribute natural gas in the southern area of Rio Panuco covering Tampico, Cuidad Madero and Altamira. The company was owned by Mexican Coporacion GUTSA and Reliant Energy, but in November 1999 Tractebel completed its 100% acquisition of Gas Naturel del Rio Panuco for US$ 8.5 million. Gas Natural del Rio Panuco was awarded its concession area by Comision Reguladora de Energia (CRE) through a competitive bidding when it offered to serve 28,338 clients by its fifth operation year and ask for a maximum revenues of $0.89 dollars per Gigacalorie. The GNP initial investments were estimated in $40 million. Tractebel planned to invest an additional US$ 10 million by the end of 2002. The project is financed by equity and commercial loans from Mexican banks. Construction of the distribution network started in February 1998. At the end of 1999, GNP was awarded the concession for distributing natural gas in part of the state of Tamaulipas about 300 km northwest of Mexico City on the Gulf of Mexico. None None