Brazil’s Odebrecht Ups Stake in Peru Pipe

Brazilian infrastructure developer Odebrecht has struck a deal to purchase the 49% stake it doesn’t already own in the Gasoducto Andina del Sur pipeline project in Peru, also known as Kuntur, from its partner Conduit Capital Partners (CCP). Officials at CCP declined to offer additional details of the deal, while Odebrecht officials could not immediately be reached for comment. Odebrecht originally acquired a 51% stake in the $3bn venture in April 2011. As designed, the 1,100km pipeline project would link the Camisea fields to Southern Peru’s Port of Ilo. The cost of building the Kuntur project doubled to $3.0bn from its original estimate as the construction of a parallel pipeline is required to transport gas liquids resulting from natural gas extraction. Conduit first invested in Kuntur when the project received a 30-year concession for the pipeline construction in 2008.