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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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