Pacific Exploration & Production Corp. announced today the start of operations of Puerto Bahía port facilities in Cartagena, Colombia. The terminal officially commenced liquid and general bulk transport operations on August 28, 2015, opening a multi-modal and world-class specialized port for the public, the company said in its press release.
Pacific has a 41.65% equity interest in Pacific Infrastructure Ventures Inc., a private company that developed Puerto Bahía. The port, built at a cost of approximately US$ 600 million, consists of two terminals: a hydrocarbon terminal and a dry cargo terminal. The hydrocarbon terminal has an initial storage capacity of 2.4 million barrels, in eight storage tanks for both naphtha and crude oil and has the capacity to load Suezmax tankers (up to a one million barrels capacity). In addition, it has a truck loading/unloading station and a barge terminal offering complete flexibility in hydrocarbon transportation logistics. The bulk loading terminal has a 300 meter long dock and can handle post-Panamax ships. It has an area of 12 hectares available for storage with room for future expansion. The port is accessed by sea, river, and land in the Bay of Cartagena, on the north side of Barú Island and has a natural draft of 20 meters.
Puerto Bahía is an initiative of Pacific and the International Financial Corporation (IFC), the investment arm of The World Bank.
About Pacific Exploration & Production:
Pacific Exploration & Production is a Canadian public company and a leading explorer and producer of natural gas and crude oil, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in approximately 90 exploration and production blocks in seven countries including Colombia, Peru, Guatemala, Brazil, Guyana, Papua New Guinea and Belize. The Company's strategy is focused on sustainable growth in production & reserves and cash generation. Pacific Exploration & Production is committed to conducting business safely, in a socially and environmentally responsible manner.