Major Latin America Energy Deal Handled by Milbank

MarineLink.com
Wednesday, October 16, 2013
Dan Bartfeld: Photo courtesy Milbank

In support of energy infrastructure in Latin America, Milbank, Tweed, Hadley & McCloy LLP represented Itaú BBA S.A. in providing a $370 million loan for construction of a new multipurpose port facility and terminal in Cartagena Bay, Colombia.

The new Puerto Bahia terminal, located on Colombia’s northern Caribbean coast, is one of the most significant investments in the country’s energy infrastructure sector to date.  When operational in early 2015, the crude oil and products terminal will have a storage capacity of 3.0 million barrels of crude oil and derivatives and projected port throughput of 54.0 million barrels per year.  The Puerto Bahia terminal will also include facilities for the handling of dry bulk and general cargo, in addition to a fully interconnected tank farm with direct access to local refineries and a crude oil pipeline.

Puerto Bahia is being developed by Pacific Infrastructure, a company specializing in the development of port, transportation and storage assets in Colombia, whose largest shareholder is Pacific Rubiales Energy Corp., the largest independent oil and gas exploration and production company in Colombia.  The port will be a key hub in transporting crude oil assets, including heavy crude from Colombia’s Rubiales, Piriri and Quifa oil fields.

Milbank Project Finance partner Dan Bartfeld led the transaction on behalf of Itaú BBA.  Milbank previously represented a group of international lenders in providing $2.5 billion in debt finance for the expansion of the nearby Cartagena Refinery.
“We’re excited to play a key advisory role to Itaú BBA in the Puerto Bahia financing.  Colombia continues to emerge as a major player in the Latin America energy infrastructure sector, and development projects continue to surge,” Mr. Bartfeld said.

About Milbank
Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing legal solutions to clients throughout the world for more than 145 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

CAGTC Members Win Big in TIGER VI

The U.S. Department of Transportation (USDOT) announced Friday that 72 projects will receive a total of $600 million from the sixth round of the Transportation

Ingalls Delivers NSC Hamilton to USCG

Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division delivered the National Security Cutter Hamilton (WMSL 753) to the U.S. Coast Guard today. The

Commissioner Doyle Addresses NCBFAA

Federal Maritime Commissioner William P. Doyle spoke today at the National Customs Brokers & Forwarders Association of America (NCBFAA) Government Affairs Conference in Washington, DC.

Legal

Deal to End Lockout at Canada Uranium Mine

Canadian uranium producer Cameco Corp and the United Steelworkers union, which represents 535 workers at the world's largest uranium mine and a nearby mill,

Oil Refiner Bound to Goldman, Deutsche Fee Agreements - NY Judge

CVR Energy Inc is bound by agreements to pay Goldman Sachs Group Inc and Deutsche Bank AG more than $36 million in fees and expenses stemming from billionaire

Yang Ming Extends Charter Terms for Five 14,000-TEU Ships

Seaspan Corporation announced today that Yang Ming Marine Transport Corp., has confirmed the term of the fixed-rate time charters for the five 14000 TEU SAVER

Ports

Commissioner Doyle Addresses NCBFAA

Federal Maritime Commissioner William P. Doyle spoke today at the National Customs Brokers & Forwarders Association of America (NCBFAA) Government Affairs Conference in Washington, DC.

Port Manatee Begins Scrap Metal Vessel Calls

With the September call of the bulk carrier Sen Treasure, Port Manatee Scrap Metal Inc. is embarking upon exportation of scrap metal to Mexico from Port Manatee.

Portsmouth Marine Terminal Reopens Today

The Port of Virginia marks an important milestone Monday 14th September as Portsmouth Marine Terminal (PMT), closed for nearly three years, reopens to cargo operations.

Energy

Leaky Equipment, Not Fracking, Behind Tainted US Water -Study

The contamination of water supplies near U.S. shale gas fields appears to be the result of leaky cement wells and casings and not the controversial production technique of hydraulic fracturing,

Mideast Crude Tanker Rates Near 3-month Low

Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment.

Brazil to Hold Next Oil Rights Auction in 2015

Brazil will hold the 13th round of its oil rights auctions in the first half of next year, a senior mines and energy ministry official said on Monday. Marco Antonio Martins,

People in the News

Commissioner Doyle Addresses NCBFAA

Federal Maritime Commissioner William P. Doyle spoke today at the National Customs Brokers & Forwarders Association of America (NCBFAA) Government Affairs Conference in Washington, DC.

ZF Marine: New Transmissions, New CEO

Marine propulsion system technology providers ZF Marine says it expanded its portfolio of transmissions for the commercial craft segment when two hybrid-ready systems

USDOT Award Tiger Vl Maritime Grants

American Association of Port Authorities
 (AAPA) say that after evaluating 797 applications totaling requests for $9 billion for FY 2014 Transportation Investment

 
 
Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2332 sec (4 req/sec)