Colombia to launch world's first floating gas liquefaction plant

Bogota: The world's first floating gas liquefaction plant is due to begin operating next year off the coast of northern Colombia under a pact between Canada-based Pacific Rubiales Energy and Belgian shipbuilder Exmar.

Executives from the two firms signed the accord in Bogota in a ceremony that included Belgium's Princess Astrid, leading a trade and investment delegation on a visit to the Andean nation.

Colombian Vice President German Vargas Lleras was also on hand.

The project will offer access to international markets for Latin American and Caribbean natural gas "and will ultimately generate an important impact on the development of the sector in Colombia", Pacific Rubiales president Jose Francisco Arata said.

Besides providing an impetus for gas exploration, the initiative will foster an upgrade of Colombia's maritime and port capabilities, he said.

The partners expect to export 70 million cubic feet of gas per day, according to a press release.

Pacific Rubiales and Exmar have already started work on a floating regasification plant set to enter operation in mid-2016, Arata said.