World Bank boosts Colombia LNG project

The private lending arm of World Bank will help finance an LNG export project in Colombia with a total investment of over $300 million.

The floating LNG plant, that is about to start operations next year in Colombia, received $240 million and the International Finance Group will invest further $75 million in the plant, Lance Crist, the IFC’s global head of oil and gas told Bloomberg.

Crist added that this will enable Colombia to utilize its stranded gas but in the near term it will be selling gas not only to regional but also international markets and that will spur the construction of regasification units in the Caribbean.

The 500,000 metric tons a year plant, a joint venture between Pacific Rubiales Energy and Exmar, is being built in China.

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LNG World News Staff, July 15, 2014; Image: Exmar