IFC Invests in Colombian Oil Project

The IFC has agreed to make a $150m equity investment in a Colombian oil pipeline and terminal project partially sponsored by Pacific Rubiales. The multilateral will invest $56.3m, and two funds, the IFC African Latin American and Caribbean Fund and the IFC Global Infrastructure Fund, will invest $37.5m and 56.3m, respectively in the project, the IFC says. Pacific Infrastructure Ventures, a special purpose vehicle largely held by Pacific Rubiales Group and Blue Pacific Assets, will use the investment to build the Sociedad Portuaria Puerto Bahia import-export terminal and Oleoducto del Caribe-Olecar crude oil pipeline. Blue Pacific Assets is a group of Colombia-based investors with interests in the oil and gas and other infrastructure. Pacific Infrastructure Ventures was advised by Inverlink on the deal. The port is scheduled to start operation in 3Q 2014 and the pipeline 4Q 2014. The transaction represents the IFC’s largest equity investment in a greenfield infrastructure project to date.