Pacific Exploration & Production Corp. (TSX: PRE) (BVC: PREC), formerly known as Pacific Rubiales, has announced the start of operations of Puerto Bahía port facilities in Cartagena, Colombia. The multimodal terminal officially started liquid and general bulk transport operations on August 28, 2015.
Port developer Pacific Infrastructure told Finance Colombia that this terminal will address a necessity in Cartagena’s port transport, handling loose cargo, such as that with unique specifications, or cannot be shipped via standardized containers. Pacific Infrastructure expects Puerto Bahia to be the primary point of departure from Cartagena for this type of cargo, and another primary goal is to convert the port into the regional RoRo (Roll on – Roll off) hub for vehichles, heavy machinery, and specialized shipments.
Pacific Exploration & Production has a 41.65% equity interest in Pacific Infrastructure Ventures Inc., the company that developed Puerto Bahía. The other primary investor is the International Finance Corporation, an entity of the World Bank. 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 two 125 ton mobile cranes, a truck loading/unloading station and a barge terminal delivering flexibility in hydrocarbon transportation logistics. The bulk loading terminal has a 300 meter long dock and can handle post-Panamax ships. It has 30 acres of extra space 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.
Juan Noero, President of Pacific Infrastructure, said in a statement: “This is a key strategic project for the development of Colombia and a fundamental piece in our challenge to become a more competitive and innovative nation.”
First phase: General cargo
- 300 meter wharf
- 2 external docking positions
- 5 ton per square meter plate capacity
- 2 lane viaduct
- 40 acres of cargo patio
- Connecting bridge
- 100% fire protection coverage
Second phase: General cargo
- 600 meter wharf
- 4 external docking position
- 2 viaducts, 4 lanes
Ronald Pantin, Chief Executive Officer, commented: “The official opening of the port is the fulfillment of our strategy to promote infrastructure projects that are complementary to our exploration and production investments. Puerto Bahia adds flexibility to our operations and supports our belief that the right infrastructure project begets progress for the entire country. The port offers an alternative oil export point for Colombian producers as well as providing import/export and storage capabilities in close proximity to the new Reficar refinery.”