TORONTO, Aug. 31, 2015 /CNW/ - Pacific Exploration & Production Corp. (TSX: PRE) (BVC: PREC) announced today the start of operations of Puerto Bahía port facilities in Cartagena, Colombia. The terminal officially commenced liquid and general bulk transport operations on August 28, 2015, opening a multi-modal and world-class specialized port for the public.
Pacific has a 41.65% equity interest in Pacific Infrastructure Ventures Inc. ("Pacific Infrastructure"), a private company that developed Puerto Bahía. The port, built at a cost of approximately US$ 600 million, consists of two terminals: a hydrocarbon terminal and a dry cargo terminal. The hydrocarbon terminal has an initial storage capacity of 2.4 million barrels, in eight storage tanks for both naphtha and crude oil and has the capacity to load Suezmax tankers (up to a one million barrels capacity). In addition, it has a truck loading/unloading station and a barge terminal offering complete flexibility in hydrocarbon transportation logistics. The bulk loading terminal has a 300 meter long dock and can handle post-Panamax ships. It has an area of 12 hectares available for storage with room for future expansion. The port is accessed by sea, river, and land in the Bay of Cartagena, on the north side of Barú Island and has a natural draft of 20 meters.
Ronald Pantin, Chief Executive Officer, commented: "The official opening of the port is the fulfilment of our strategy to promote infrastructure projects that are complementary to our exploration and production investments. Puerto Bahia adds flexibility to our operations and supports our belief that the right infrastructure project begets progress for the entire country. The port offers an alternative oil export point for Colombian producers as well as providing import/export and storage capabilities in close proximity to the new Reficar refinery."
Juan Noero, President of Pacinfra, was also quoted as saying: "This is a key strategic project for the development of Colombia and a fundamental piece in our challenge to become a more competitive and innovative nation."
Puerto Bahía is an initiative of Pacific and the International Financial Corporation (IFC), the investment arm of The World Bank.
About Pacific Exploration & Production:
Pacific Exploration & Production is a Canadian public company and a leading explorer and producer of natural gas and crude oil, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in approximately 90 exploration and production blocks in seven countries including Colombia, Peru, Guatemala, Brazil, Guyana, Papua New Guinea and Belize. The Company's strategy is focused on sustainable growth in production & reserves and cash generation. Pacific Exploration & Production is committed to conducting business safely, in a socially and environmentally responsible manner.
The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia under the ticker symbols PRE, and PREC, respectively.
About Pacific Infrastructure:
Pacific Infrastructure is an operating business established for the development, construction and management of port, transportation and storage assets, with its present focus on the construction and operation of Sociedad Portuaria Puerto Bahia, a multi-purpose port facility. The Company is developing assets with world-class standards for advanced technology in logistics and for improved access to goods and services in Colombia. The Company aims to meet significant demand and supply needs for the country and aims to develop operating assets across multiple sectors in the Colombian market, including: oil, hydrocarbons, mining, and general cargo.
This news release was prepared in the English language and subsequently translated into Spanish. In the case of any differences between the English version and its translated counterparts, the English document should be treated as the governing version.
SOURCE Pacific Exploration and Production Corporation