GasAndes closes bridge
The GasAndes project has closed a bridge financing and is looking
to banks to put a longer-term deal in place in the coming months.
The project is a gas pipeline between Chile and Argentina whose
sponsors are TotalFinaElf, Metrogas of Argentina and AES Gener.
Gener, a part of Electricidad de Caracas that was acquired by AES
last year, is up for sale, but this status does not affect its role
in the project.Nevertheless the deal needs to overcome heightened
risk perceptions of Argentina, as well as well-publicised
difficulties at some of Chile's generators, including Edelnor,
formerly owned by Mirant. Tentative arrangers should be looking at
a deal in the region of $177 million, the same size as the bridge
put in place by Credit Lyonnais.
Sucre inches closer
Shell, Petroleos de Venezuela (PDVSA) and Mitsubishi have finalised
a more formal agreement relating to the Mariscal Sucre LNG project.
The three have agreed to fund more in-depth technical, economic,
environmental and social feasibility studies for a proposed gas
liquefaction plant to be located at the Paria peninsular in
Venezuela. This is the last step before a joint venture agreement,
which will follow confirmation of the project's viability.The three
have chosen to go ahead with the project despite the gloomy outlook
for the country's hydrocarbons sector as a result of political
instability. Indeed, PDVSA CEO Ali Rodriguez signed the agreement
at the same time as admitting that strikes and demonstrations had
severely affected oil output in Venezuela. This in turn could have
serious repercussions for the heavy oil projects that have formed
the bulk of PDVSA's engagement with outside sponsors to date.
Russian majors announce record...
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