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World Bank to Help Finance World’s First Floating Liquefaction Plant




by:
Sutherland Asbill Brennan LLP - Washington Office

 
July 24, 2014

Previously published on July 17, 2014

Bloomberg News reports that the International Finance Corp. (IFC), a member of the World Bank Group focused exclusively on the private sector, will help finance a $300 million project to develop the world’s first floating LNG liquefaction plant, which will be located in Colombia.  The project is a joint venture between Pacific Rubiales Energy Corp. and Exmar NV.  IFC’s global head of oil and gas commented on the announcement: “We are trying to address all facets of the value chain by promoting greater supply through gas development, greater transportation through pipelines and liquefaction and the access to the regasification. . . .  We are putting a big emphasis on gas because we see it as helping address the dual needs of energy security and being a more climate-friendly alternative.” The plant is expected to commence operations by mid-2015. It will produce 500,000 metric tons of LNG per year for Central America and the Caribbean.

 

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