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UPDATE 1-Peru's gas exporting project gets World Bank loan

Tue Feb 5, 2008 5:12pm EST

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(Recasts, adds background on the project, investors)

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NEW YORK, Feb 5 (Reuters) - Peru's liquefied natural gas exporting project will receive a $300 million loan from the international finance corporation of the World Bank as the Andean country lines up billion of dollars in investment, officials said on Tuesday.

The total cost of Peru's LNG project, which will be supplied by the Camisea field of southern Peru, is roughly $3.8 billion and would be the largest foreign direct investment in the history of Peru.

Environmental organizations have fought to block projects using gas from Camisea.

Peru wants to develop natural gas as part of a broader plan to gain energy self-sufficiency. Earlier this year, the Peruvian government elevated proven gas reserves in the country to about 15 trillion cubic feet (tcf).

The Peru LNG project will include a natural gas liquefaction plant, a marine terminal and a 408-kilometer (254-mile), 34-inch (86-cm) pipeline connecting the liquefaction plant to an existing gas pipeline.

U.S. firm Hunt Oil, Spain's Repsol-YPF (REP.MC), South Korea's SK Energy (096770.KS) and Japan's Marubeni (8002.T) have already invested some $800 million in the project. (Reporting by Adriana Garcia, Writing by Dana Ford, Editing by Marguerita Choy)

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