What is the relationship between Pacific Infrastructure & Pacific Rubiales?

NOERO: Pacific Infrastructure is a holding company specialized in identifying bottlenecks in infrastructure projects in Colombia, mainly in the oil and gas sector. Pacific Rubiales is the main shareholder of Pacific Infrastructure; they hold over 20% of the outstanding stock of the company. Pacific Rubiales is a key shareholder mainly because they are going to be the anchor tenants of the port we’ll be developing. We benefit greatly from their experience in the oil and gas sector, not only in E&P, but also in the infrastructure area.

What is the latest update on Pacific Infrastructure’s port project in Cartagena?

NOERO: Pacific Infrastructure’s main asset is the port in Cartagena called Puerto Bahia. In Puerto Bahia we expect to build over 3m barrels of storage capacity in the first phase as well as two docking positions for VLCC vessels. We’ll also develop dry goods port operations. Our key players are Colombia's exporters of oil and the local players in the oil and hydrocarbon industries on the Colombian coast. Puerto Bahia represents a compliment port solution to the current Port of Coveñas, from which 100% of Colombia’s crude oil is currently being exported. Construction of Puerto Bahia started over a year ago. We’ve been doing all the earth works and getting all of the land in place to start construction of the tanks. Construction of the tanks started in May. We will be building the 3m barrels of storage capacity and the jetties for the loading and unloading of liquids. We expect to start operations in Puerto Bahia by the end of 2013. At that time, not only will Puerto Bahia be operational, but we will also have in place our pipeline built from Coveñas to Cartagena. The pipeline will be a 130km pipeline that will carry up to 300,000 barrels per day of crude oil from Coveñas to Cartagena.

Apart from Puerto Bahia, what other projects do you have in the pipeline?

NOERO: As a holding company whose main purpose is to identify bottlenecks in infrastructure in Colombia, Pacific Infrastructure has started to put in place the environmental studies and the feasibility studies for two other projects in Colombia. One is the navigation river barging through the Magdalena River and the second is the development of our rail line from central Colombia to Cartagena. We are developing these projects with other key sponsors and key players in infrastructure in Colombia.