Pacific Infrastructure

completed

This Project consists of a proposed US$ 150 million IFC / AMC equity investment to support Pacific Infrastructure’s (“PI” or the “Company”) future infrastructure developments, focusing on the construction and operation of Sociedad Portuaria Puerto Bahía (PB) - a greenfield multipurpose terminal located in Cartagena, Colombia-, and Oleoducto del Caribe (Olecar) a 142-km pipeline to bring petroleum liquids from Coveñas to the Puerto Bahía terminal site (the “Sub-projects”). The development of PB includes the construction of a 100-m long bridge across Canal del Dique, complementing the recently built Cartagena-Baru highway. The bridge is already fully licensed and construction was initiated in December 2012. Other PI future investments that are being considered and in very early stages of development include: Varadero, which involves the dredging of a new alternative access canal to the Bay of Cartagena; and a Free Trade Zone Project adjacent to the PB site.Sociedad Portuaria Puerto Bahía (SPPB): Will be located in a corner 100-ha plot at the Island of Baru in the Bay of Cartagena. SPPB will have a waterfront of 570 m along the left bank of Canal del Dique and a waterfront of approximately 750 m along the Bay. SPPB will construct and operate a multipurpose liquid, dry, break bulk, and container terminal. The construction period commenced in the last quarter of 2012 and is expected to last for about 24 months.The liquids terminal will have specialized infrastructure for handling and storing crude oil exports and diluent imports (Naphtha). SPPB will develop an installation that will house 10 tanks with a nominal storage capacity of 334,000 bbl each, for a total storage capacity of 3.3 million bbls. Out of the 10 tanks, 8 will be dedicated for the storage and export of crude oil, and 2 will be dedicated for the reception of Naphtha imports from vessels and delivery to outgoing tanker trucks. The incoming pipeline will have an initial transportation capacity of 300,000 bbl/d, which will be complemented by a truck loading/unloading station capable of handling up to 30,000 bbl/d, and a barge handling facility with a capacity of up to 45,000 bbl/d. The truck station will be built inside the project development site. The terminal will also have a jetty to allow for 2 berthing positions, of which 1 will service vessels of up to 80,000 DWT and 1 will service vessels of up to 150,000 DWT. Adjacent to the liquids terminal will be a multipurpose facility that will include a berthing platform 297 m in length, and approximately 20 ha. of on-shore facilities designed to handle general, break bulk, and vehicle Roll-on/Roll-off cargoes.Oleoducto del Caribe (Olecar): 142-km, 30” diameter pipeline to bring crude oil from Coveñas to the Puerto Bahía terminal site, with an initial transportation capacity of 300,000 bbl/d. It will also include a connection to the Reficar refinery through a 16” pipeline approximately 7-km in length. The pipeline connection to the terminal will be laid underneath Canal del Dique by directional drilling. This project is still in the early stages of development and the ESIA process will formally start in early 2013. Construction is not expected to commence until the 1st quarter of 2014.