Colombian Promigas, British Ashmore Set Up Unit for Peruvian Operations

Colombian gas utility Promigas and Ashmore Energy International, a company owned by British Ashmore Investment Management, have set up a unit for their Peruvian operations, Colombian daily Portafolio reported on July 17, 2007.

The Peruvian unit is named Compania Peruana de Servicios Energeticos (Copeser). It will manage the operations of Peruvian natural gas company Calidda, which Promigas and Ashmore acquired in June 2007.

Promigas acquired a stake of 40 pct in Calidda, while Ashmore acquired the remaining 60 pct. Ashmore Energy International has a stake of 53 pct in Promigas.

Copeser is expected to make a capital injection of $12 mln (8.68 mln euro) in Calidda in the near future.

Promigas will invest $46 mln (33.27 mln euro) in the expansion of the natural gas distribution service in the provinces of Lima and Callao, western Peru, for 2007 to 2008, the Latin America News Digest reported on March 23, 2007.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: July 18, 2007

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