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Oil and Gas

01 December 2002

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GasAndes closes bridge
The GasAndes project has closed a bridge financing and is looking to banks to put a longer-term deal in place in the coming months. The project is a gas pipeline between Chile and Argentina whose sponsors are TotalFinaElf, Metrogas of Argentina and AES Gener. Gener, a part of Electricidad de Caracas that was acquired by AES last year, is up for sale, but this status does not affect its role in the project.Nevertheless the deal needs to overcome heightened risk perceptions of Argentina, as well as well-publicised difficulties at some of Chile's generators, including Edelnor, formerly owned by Mirant. Tentative arrangers should be looking at a deal in the region of $177 million, the same size as the bridge put in place by Credit Lyonnais.
Sucre inches closer

Shell, Petroleos de Venezuela (PDVSA) and Mitsubishi have finalised a more formal agreement relating to the Mariscal Sucre LNG...


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