$642M Terminal Puerto Bahía Under Development
Pacific Infrastructure, a subsidiary of Canadian oil company Pacific Rubiales, is developing the multipurpose terminal Puerto Bahia in the South of Cartagena Bay on Colombia’s Caribbean coast.
In September 2012 Pacific Infrastructure awarded the construction of the multipurpose terminal to a consortium formed by Isolux Corsán (Spain), Tradeco (Mexico) and Tampa Tanks (U.S.). The construction of Puerto Bahía is scheduled to be completed during the first half of 2015.
Financing
The total investment amount required for the development of the terminal for handling bulk liquids and general and dry bulk cargoes is $642 million.
In July 2013 the International Finance Corporation (IFC) of the World Bank Group and two funds managed by the IFC Asset Management Company signed an agreement to make their largest-ever equity investment in Colombia’s infrastructure, providing US$ 150 million in support of the Puerto Bahía project.
In October 2013 the Brazilian Banco Itaú BBA S.A. provided a US$ 370 million loan for the project; the Development Bank of Latin America (CAF) approved an additional long-term loan of US$ 50 million in December 2013.
Puerto Bahía has received Free Trade Zone status from the Colombian National Tax and Customs Authority, allowing for significant tax benefits and customs duties exemptions.
Terminal characteristics and facilities:
- Total area of about 155 hectares for port facilities and industrial park
- Natural water depth of 19+ meters.
- Phase 1 storage capacity of 3 million barrels of crude and derivatives to be increased to 4 million barrels in Phase 2.
- Projected port throughput of 54 million barrels per year.
- Two docking positions / jetties for VLCC vessels.
- Fully interconnected tank farm including access to local refineries and crude oil pipeline.
- Two berths for the handling of dry bulk and general cargo with a total length of 541 meters and the capacity to accommodate of up to 80,000 DWT
- Dry bulk storage area with a capacity for handling 40,000 tons per month.
Oil Pipeline
As an integral part of the Puerto Bahía project, Pacific Infrastructure is also developing the Oleoducto del Caribe (Olecar) a 130 km, 30 inch diameter, crude oil pipeline that will connect Puerto Bahía’s facilities with Colombia’s principal crude export terminal in Coveñas. It will also include a bi-directional connection between Puerto Bahía and Refinería de Cartagena – Reficar (Colombia’s second-largest refinery, currently undergoing a $6.5 billion expansion).
Puerto Bahía is being structured as a large-scale facility available for public use, which will be the first of its kind in Colombia. Nowhere else in the country can a customer lease storage capacity for exclusive use and have control over its logistics and commercialization process to such an extent. The liquids facility will be operated and maintained by Oiltanking International Inc., a leading operator of port terminals currently present in 73 terminals across 23 countries