Transmetano SA

active

Transmetano SA signed a 50-year concession contract with the Colombian government to construct, operation, and maintain a 149km gas transportation pipeline from Sebastopol to Medellin in August 1994. Transmetano SA is a consortium whose main owners are Empresas Publicas de Medellin (38.9%), Promigas (22.9%), Sudamericana de Seguros (6.9%), Compania Nacional de Chocolates (6.9%), Corfinsura (6.9%), and Colcorp. (6.9%). The company signed a 15-year supply contract with Ecopetrol (a Colombian stated-owned oil company) for its entire capacity in February 1995. The project total cost was about $50 million. In 1996, the IADB approved an $19 million direct loan and $32 million syndication. Ashmore Energy International has a controlling interest in Promigas. As of December 31, 2009 Promigas controlled 50.65% of the shares of Transmetano SA. From AEI's 20 F report for 2009 regarding sources of revenue. "Ecopetrol S.A., or Ecopetrol, the Colombian state-controlled petroleum company, is currently Transmetano’s sole customer under a Transportation Contract which expires in 2012. At the end of the term, Ecopetrol has an option to renew the contract for ten successive one-year terms. Independent of volumes transported, Ecopetrol pays a tariff established by the contract. If the tariff to be approved by CREG differs from the one in Ecopetrol’s contract, Transmetano will assume any discount, as applicable."