Technical cooperation agreement signed with Petroperu

(Lima, 06 February 2012). CAF - Latin American development bank- and Petróleos del Peru (Petroperu) today signed a technical cooperation agreement under which the multilateral financial institution will provide technical and financial support to the state oil company for its participation in the Project for the System to Transport Hydrocarbons derived from Natural Gas by pipeline from Camisea to the main cities of the south of Peru.

The agreement was signed by CAF director representative in Peru Eleonora Silva Pardo and Petroperu general manager Pedro Méndez Milla, in the presence of Deputy Minister of Energy Luis Ortigas and the president of the Peruvian oil company, Humberto Campodonico Sanchez.

After recalling that CAF's mission is to promote sustainable development and regional integration, Silva Pardo thanked the company for the confidence placed in the multilateral organization for this important task. This is a project of great importance for Peru which will help diversify the country's energy matrix, which is the reason for CAF’s interest in making the Andean gas pipeline a reality, she added.

"As Latin American development bank, this agreement is transcendental for the development of Peru and its people," Silva Pardo said, emphasizing CAF’s leading role in working with large projects, promoting partnership with the public and private sectors.

The Petroperu president said the signing of the agreement was an event that extended beyond the scope of the company because its benefits would favor the peoples of the south who are the poorest in Peru.

He added that implementation of the project would kick-start development of the cities of the south. "The energy mix will change and we will bring natural gas to homes, vehicles and industries, resulting in improved infrastructure and highways."

CAF’s confidence in the oil company had led to the quality certification issued by a body of recognized seriousness, Campodonico said.

"This is a historic moment in the country's energy development. With the step we are taking today we are sure that the Andean Gas Pipeline will no longer be just a promise but a reality full of hope."

The Kuntur company holds the Concession for the Natural Gas Pipeline Transport System from Camisea to the main cities of the south, a commitment formalized in an agreement signed with the Peruvian government.

Petroperu is a private law state company dedicated to the transport, refining, distribution and marketing of fuels and other petroleum products. The company's mission is to meet the needs of the hydrocarbon market with products of international quality and competitive services, with adequate profitability, promoting the development of its employees, and acting with social and environmental responsibility. The company is also committed to being an integrated and competitive hydrocarbon and energy company, leader in the domestic market and with growing participation in the international market.