Itaú approves $370m loan for Puerto Bahia terminal

The Brazilian bank has agreed to a $370m loan for the construction of a new port facility in Colombia.

Itaú BBA of Brazil has approved a $370 million loan for the construction of a multi-purpose port facility and terminal in Colombia’s Cartagena Bay, under development by Pacific Infrastructure.

The terminal, which is expected to commence operations in 2015, will have a storage capacity of 3 million barrels of crude oil and derivatives and projected port throughput of 54 million barrels a year.

It is “one of the most significant investments in the country’s energy infrastructure sector to date,” according to Milbank, Tweed, Hadley & McCloy, the law firm that represented Itaú in the transaction.

Puerto Bahia will be used to transport crude oil assets, including heavy crude from Colombia’s Rubiales, Piriri, and Quifa oil fields, according to a statement issued by the law firm.

The project’s developer, Bogota-based Pacific Infrastructure, specialises in the development of port, transportation and storage assets in Colombia.

Its largest shareholder is Pacific Rubiales Energy, which is listed on both the Colombia and Toronto stock exchanges.

Headquartered in Bogota, and with offices in Peru and Canada, the oil and gas company focuses on identifying growth opportunities in almost all the hydrocarbon basins in Colombia, as well as in eastern Peru, and Guatemala.