Bankruptcy And Debts

Consolidation Debt Mortgage An ambitious project to develop Peru's natural gas fields, sharply criticized by environmental advocates, received a significant endorsement today when the Inter-American Development Bank approved a $75 million loan, bank officials in Washington said.

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Consolidation Debt Help The loan opens the door to another $60 million in financing that will help an alliance of companies, including the Hunt Oil Company of Texas, a company with close ties to the Bush administration, to complete one of Latin America's largest energy development projects.

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Consolidation Credit Debt Development of the gas fields, called the Camisea project, is led by the Argentine company Pluspetrol. Developers have already spent $1.1 billion to build gas fields on the edge of the Amazon, build two pipelines over the Andes and embark on construction of a gas-processing plant just north of the Paracas marine reserve on Peru's coast.

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Bill Consolidation Debt In approving the loan, bank officials cited the project's importance to Peru's development, saying it would lower the cost of energy, reduce pollution in the capital (which would receive the natural gas tapped) and make the Andean country an energy exporter. The project, the bank said, could add a 0.8 percentage point growth to Peru's economy each year of its 30-year life.

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Consolidation Debt Quote "At first we had doubts," Enrique V. Iglesias, the president of the Inter-American Development Bank, said in a statement. "But we later thought our responsibility was to support it and assume the risks because we were certain that this is one of the most important projects in the history of Peru."

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Consolidation Debt Lead Developers said the $135 million in loans were not essential to completing the project, which would eventually provide gas liquids and natural gas to the United States. But the loan has a great symbolic value because Peru's government, which supports the project, considers it a seal of approval.

Consolidation Debt Non Profit ''This means that, most definitely, the I.D.B. assessment team took to their board a proposal that met with all the requirements," Alejandro Segret, the general manager of TGP, an Argentine company constructing the pipeline, said by phone from Lima, Peru's capital. ''We are going to continue working the way we were, complying with environmental norms."

Consolidation Debt Loan Online The first phase of the Camisea project, valued at $1.6 billion, has been dogged by environmental concerns raised by both ecologists and some United States government officials, who say the development endangers the rain forest, native indigenous communities and the Paracas reserve.

Consolidation Debt Home Loan The Inter-American Development Bank's 14-member board, which represents 46 countries, had already delayed a vote on the loan twice. And today's vote did not come without a setback for the developers of Camisea.

Christian Consolidation Debt The American representative, Jose Fourquet, abstained largely because of concern over the adequacy of an environmental evaluation of the project, people with knowledge of the vote said. On Aug. 28, the Export-Import Bank, a United States government credit agency that had also raised concerns, rejected a $214 million loan.

Consolidation Debt Information Officials at the Inter-American Development Bank said the loan was approved after Camisea's developers agreed to give the bank broader powers to monitor environmental issues over the entire length of the project. This is significant because the bank's loan is for the pipeline construction, not for development of the gas fields or of two gas-processing plants.

Agency Consolidation Debt Bank officials were also swayed by President Alejandro Toledo's proposal, made on Monday, to create a commission to oversee the protection and cleanup of the coastal waters off Paracas where a fractionation plant to separate gas liquids is being built, and where fishmeal plants have been fouling the waters. The energy companies developing Camisea will spend $23.8 million on the bay-protection plan, the Peruvian government said.

Consolidation Debt Solution Environmental groups, however, said the steps being taken were half-hearted. They charged that the Inter-American Development Bank had caved in to pressure and failed to uphold environmental standards before issuing a large multilateral loan.

California Consolidation Debt "The I.D.B. just committed American taxpayers' money to a project that threatens the natural and cultural environment in Peru," said Aaron Goldzimer, who has closely tracked the Camisea project for Environmental Defense, a environmental group based in New York.

Consolidation Debt Loan Uk Kathryn S. Fuller, president of the World Wildlife Fund in Washington, said that rejection of the loan would have forced the project to "fix the plan's serious ecological flaws."

Consolidation Debt Equity Home Ms. Fuller said that, instead, the bank had "wrapped the plan in a cloak of vague promises, ignored the serious risks and declared it worthy of taxpayer funding.''

Consolidation Debt Government The new loans mean that the project will probably move on to its next phase, the construction of a $2 billion plant to liquefy natural gas. By 2007, that facility, under development by Hunt Oil, will provide the United States with an important source of natural gas.

Consolidation Debt Firm By Juan Forero
New York Times - 9/11/2003

Topic: Petroleum Industry

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