Colombian Promigas To Invest $44.6 Mln in Stakes in Gas Distributors 2008

Colombian gas utility Promigas will invest a total 87 bln Colombian pesos ($44.56 mln/30.5 mln euro) in buying stakes in gas distributors in the country in 2008, the company said on January 16, 2008.

The gas utility will take loans from local banks in order to finance these investments.

Promigas currently transports 46 pct of the natural gas consumed in Colombia. It has agreements with the local gas distributors Centragas, GBS, Transmetano, Transoriente and Transoccidente.

Promigas is investing $225 mln (154 mln euro) to expand in Colombia and abroad, the Latin America News Digest said on January 4, 2008. In line with these efforts Promigas has signed a leasing agreement with local bank Bancolombia for $15 mln (10.27 mln euro). The company will use the amount to finance the construction of a gas pipeline connecting Promigas's gas transporting facilities to Colombian natural gas field La Creciente.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: January 17, 2008

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