Santa Marta - Riohacha - Paraguachon Toll Road

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The project, which was awarded to Concesion Santa Marta - Paraguachon SA, includes the rehabilitation of a 170 km road that is part of the "Transversal del Caribe" highway. The construction works have already been finalized. The project company ownership structure is divided as follows: Corfigan holds 50% of the shares, Odinsa holds 30% and Julio G. Echeverria holds 20%. The contract included the following segments: Rio Palomino Riohacha (90 Km), Riohacha - Paraguachon (88 Km), and Santa Marta-Rio Palomino (72 Km). In November 2005, the Instituto Nacional de Concesiones (INCO - Colombia's National Concessions Institute) anounced that it would renegotiate eight highway contracts. Included in those is the contract for the Santa arta - Riohacha - Paraguachon toll concession. This contract had an annual deficit of US$8.6 million (22,000 million pesos) which the Government had to pay as guaranteed revenue. According to INCO the contract was extended to 431 months or 35 years and 11 months resulting in a termination date of 07/2040.