Spanish Gas Natural To Invest $5.4 Mln in 13 New VNG Stations in Colombia

Spanish gas company Gas Natural will invest $10 bln Colombian pesos ($5.4 mln/3.5 mln euro) in the launch of 13 new vehicular natural gas (VNG) stations under its newest brand GN Auto in Colombia, according to the executive president of Gas Natural, Maria Eugenia Coronado, quoted on March 4, 2008.

The main part of the stations will be kicked off in Colombian capital Bogota. According to Coronado, the funds form part of Gas Natural's plans to strengthen the company's positions on the VNG market in Bogota. The company has invested over 20.5 bln pesos ($11 mln/7.3 mln euro) in the last five years, which help it reach 27 own fuel stations in Colombia, Coronado added. With the new investment, their number will reach 40 stations at the end of 2008.

Now in Bogota and the municipalities of Chia, Zipaquira, Soacha and Madrid, there are 107 fuel stations, that attend 85,000 vehicles per day.

Gas Natural (www.gasnatural.com) operates in the electricity generation business, managing combined-cycle and co-generation plants, and wind farms.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: March 5, 2008


Prospero ups stake in Black Rock's Las Quinchas

Calgary-based private oil company Prospero Hydrocarbons will increase its stake in UK-based Black Rock Oil's (LSE: BLR) interest in the Las Quinchas association contract in Colombia's Middle Magdalena valley, Black Rock said in a statement.
Black Rock farmed into the contract in 2005 and obtained a 50% interest from block operator Kappa Resources.

Black subsequently transferred its interest in Las Quinchas into a wholly owned, Barbados-based subsidiary called Las Quinchas Resource.

Prospero has subscribed for 425,298 shares of common stock in Las Quinchas Resource for US$347,182, representing 0.83% of the issued share capital of the holding company.

Prospero has agreed to invest a further US$3,652,818 for shares representing up to 49% of the holding company, according to the statement.

The funds will be used for the continued development of Las Quinchas, including the Acacia Este field.

The Acacia Este 1 well was drilled in August 2007 and tested at 101b/d of 16 degree API oil. Acacia Este 2 was spudded in December last year, where tests are being performed.

Prospero's management will assist in technical evaluations and a Prospero nominee will join the board of Las Quinchas Resource.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: March 3, 2008


Sidenal to commission new Electric Arc Furnace this year

Colombia's long steelmaker Sidenal is to commission a new electric arc furnace supplied by Techint's Tenova later this year, probably in November or December, a source from the company tells Steel Business Briefing.

Sidenal's crude steel output reached almost 200,000 tonnes last year, from a capacity of about 280,000 t/y at its two existing EAFs. The company's raw steel capacity will be sharply increased once the new furnace is commissioned; it is expected to add around 300,000 t/y.

However, the company official explains that the ramp-up schedule for the new furnace is still uncertain, as the company has not yet secured enough scrap. "We'll probably import the scrap", he comments, adding that the US market would be the most likely supplier.

Publication: SBB - Steel Business Briefing
Provider: Steel Business Briefing
Date: March 3, 2008