US$33 million loan approved for Termo Rubiales SA.

(Bogotá, November 11, 2009). CAF approved a US$33 million loan in favor of Termo Rubiales SA. The funds will be used to cofinance construction and equipping of a thermoelectric plant with 64.5 megawatt capacity, located in the Rubiales oil field, Meta department, Colombia.

“With approval of this operation, CAF continues stimulating the growth of private enterprise in the economies of its shareholder countries in order to create more jobs and produce more services which improve the quality of life of the population,” CAF President & CEO Enrique García said.

The thermoelectric plant will supply the power needed to operate the pumps for the oil pipeline and water injection in the Rubiales oil wells. The total estimated cost of the project is US$68.5 million, which in addition to CAF will be jointly financed by the the International Finance Corporation (IFC) and the Inter-American Investment Corporation (IIC).

Termo Rubiales S.A. was formed by Energy International Corp after winning the bidding process in 2008 to supply power to the Rubiales oil field in Meta department and granted in concession to the company Pacific Rubiales.