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Pacific Exploration and Production Announces the Official Start of Operations of Puerto Bahía Port Facilities
Pacific Exploration and Production Announces the Official Start of Operations of Puerto Bahía Port Facilities.
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[{"type":"text","content":"\n\n\n\nPacific Exploration and Production Announces the Official Start of Operations of Puerto Bahía Port Facilities\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPacific Exploration and Production Announces the Official Start of Operations of Puerto Bahía Port Facilities\nPR Newswire\nTORONTO, Aug. 31, 2015\n\n\n\nTORONTO, Aug. 31, 2015 /PRNewswire/ - Pacific Exploration & Production Corp. (TSX: PRE) (BVC: PREC) announced today the start of operations of Puerto Bahía port facilities in Cartagena, Colombia. The terminal officially commenced liquid and general bulk transport operations on August 28, 2015, opening a multi-modal and world-class specialized port for the public.\n\nPacific has a 41.65% equity interest in Pacific Infrastructure Ventures Inc. (\"Pacific Infrastructure\"), a private company that developed Puerto Bahía. The port, built at a cost of approximately US$ 600 million, consists of two terminals: a hydrocarbon terminal and a dry cargo terminal. The hydrocarbon terminal has an initial storage capacity of 2.4 million barrels, in eight storage tanks for both naphtha and crude oil and has the capacity to load Suezmax tankers (up to a one million barrels capacity). In addition, it has a truck loading/unloading station and a barge terminal offering complete flexibility in hydrocarbon transportation logistics. The bulk loading terminal has a 300 meter long dock and can handle post-Panamax ships. It has an area of 12 hectares available for storage with room for future expansion. The port is accessed by sea, river, and land in the Bay of Cartagena, on the north side of Barú Island and has a natural draft of 20 meters.\n\nRonald Pantin, Chief Executive Officer, commented: \"The official opening of the port is the fulfilment of our strategy to promote infrastructure projects that are complementary to our exploration and production investments. Puerto Bahia adds flexibility to our operations and supports our belief that the right infrastructure project begets progress for the entire country. The port offers an alternative oil export p...