Termo Rubiales

repaid

The Termo Rubiales project involves designing, building, and operating a thermal power plant with a gross capacity of 63 MW and a net capacity of 56.5 MW. The plant will supply the energy needed by the Rubiales oilfield (in the department of Meta, Colombia), which has an expansion plan for extracting up to 170,000 barrels of oil a day. Rubiales is one of the largest oil fields in the Republic of Colombia; it has strategic value for the country. It is located in Llanos Orientales-465 km from Bogotá-and is not connected to the Colombian power grid. Rubiales depends on a limited thermopower generation capacity to implement its development plans.The thermal power project’s sponsor is Energy International Inc., a company that specializes in the power sector in Latin America and the Caribbean and has vast experience in similar projects. Energy International will supply power to and operate the plant. The plant will be located in the operations area and managed in line with the management information, reporting, waste management, and environmental, health, and safety plan monitoring system implemented by Meta Petroleum, the Rubiales oilfield operator. Meta Petroleum has implemented and is in the process of certifying a comprehensive environmental, social, health, and safety management system in line with ISO 9001; Meta Petroleum is in the process of implementing ISO 14001 and OHSAS 18001 standards.With this operation, the IIC will be supporting the development of Colombia’s oil sector, which has a production deficit, by providing long-term financing. The IIC’s participation will also encourage private investment in the sector, greater local oil production, and compliance with certified environmental protection, social, health, and safety standards. The proposed transaction consists of a loan of up to US$5,000,000.