Private Investment Promotion Plan

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1 REPUBLIC OF PERU Private Investment Promotion Plan Project: Energy Security of the Country and Peru s South Gas Pipeline Development Private Investment Promotion Agency PROINVERSIÓN Committee in Energy Security Projects PRO SEGURIDAD ENERGÉTICA February,

2 Private Investment Promotion Plan Energy Security of the Country and Peru s South Gas Pipeline Development 1. Introduction and legal base 2. Background 3. Process General Design 3.1 Objective 3.2 Concession Modality 3.3 Financial Scheme 3.4 Concession Term 3.5 Short-listing Process 3.6 Award Criteria 3.7 Process Schedule 4. Conclusions - 2 de 7 -

3 Private Investment Promotion Plan Energy Security of the Country and Peru s South Gas Pipeline Development 1. INTRODUCTION AND LEGAL BASE As provided in the legal rules that define and regulate the concession granting of infrastructure public works and public services to the private sector, Legislative Decree No. 839, and Supreme Decrees N PCM (Article 6, Sections 2 and 3) and N PCM (Article 11), Legislative Decree No and its Regulation approved through Supreme Decree N EF (Article 5), and Law No , and the regulations in force on the date of the Award granting, PROINVERSIÓN Committee in Energy Security Projects PRO SEGURIDAD ENERGÉTICA, established by Supreme Resolution N 010--EF, published on , submits to PROINVERSION Steering Council for consideration this Promotion Plan of the project: Energy Security of the Country and Peru s South Gas Pipeline Development. Through Law Nº which strengthens Energy Security and fosters the development of the Petrochemical Pole in the Southern sector of the country, the implementation of measures for strengthening the Energy Security of the country through the diversification of energy sources, reduction of external dependence and reliability on the energy supply chain was declared of national interest. Therefore, in order to increase reliability on energy production and transport, the following principles have been established, among others: i) Geographical decentralization of energy production; ii) Major production capacity as to demand (reserve margin); iii) Exploitation through several production units and/or alternative fuel use in production units; iv) Application of diverse transport means; v) Redundancy in transport means; vi) Interconnection of diverse transport means; vii) Inclusion of greater energy storage. 2. BACKGROUND 2.1 Request submitted to PROINVERSIÓN through Official Letter N MEM/DM, whereby the Minister of Energy and Mines requires including Energy Security and Peru s South Gas Pipeline Development project in the Private Investment Promotion Process. 2.2 PRONVERSION Board of Directors Agreement reached in session held on January 4,, whereby the Upgrading of Energy Security and Peru s South Gas Pipeline Development project is included in the Private Investment Promotion Process, under - 3 de 7 -

4 the mechanisms and procedures set forth in Legislative Decree N 1012 and its regulatory, modification and related rules. 2.3 Supreme Resolution Nº 005--EF that ratifies the agreement reached by the ProInversión Steering Council, whereby it was agreed to include the Energy Security of the Country and Peru s South Gas Pipeline Development project. 2.4 Supreme Resolution Nº 010--EF that ratifies the agreement reached by the ProInversión Steering Council, whereby the establishment of the ProInversion Committee on Energy Security Projects PRO SEGURIDAD ENERGÈTICA was agreed and its members were appointed. 2.5 On February 1, PROINVERSION Steering Council reached an Agreement which entrusted the ProInversion Committee on Energy Security Projects PRO SEGURIDAD ENERGETICA with the referred project. 3. GENERAL PROCESS DESIGN 3.1 Objective To date, around 50% of the electricity generation of the country located in the central coast of the country depends on the Camisea Gas Pipeline, endangering the reliability on the national energy system. This vulnerable situation affects the entire National Interconnected Electric System (SEIN). The necessary infrastructure will be provided through the project for having an Energy Security System as defined by Law No , and transporting hydrocarbons from Anta to Cusco, until the southern coast of the country, thus helping the energy development and the Petrochemical Pole in such zone, among others. The direct influence zone of Peru s south gas pipeline will be the departments of Cusco, Arequipa and Moquegua. The terms will indicate the referential points through which Peru s south gas pipeline will pass from Anta-Cusco to Ilo-Moquegua. Pipes and/or infrastructure and logistics projects will be constructed from such gas pipeline for natural gas supply to the regions of Puno, Apurímac and Tacna, in accordance with the rules in force. A map is presented below with the referential route of the energy security system and Peru s South Gas Pipeline: - 4 de 7 -

5 LIMA (Lurín) Loop TGP HUANCAVELICA MALVINAS MADRE DE DIOS ZONA DE ENERGY SECURITY Km SEGURIDAD 88 Km ENERGÉTICA ZONE 127 Loop QUILLABAMBA TGP CHIQUINTIRCA ANTA CUSCO PISCO ICA ABANCAY CUSCO REGASIFICATION PLANTA DE REGASIFICACIÓN PLANT ICA AYACUCHO APURIMAC ESPINAR PUNO MARCONA JULIACA ACTUALES TGP (SISTEMA (CURRENT ACTUAL SYSTEM + LOOP + COSTA) COAST LOOP) Gasoducto / Poliducto Gas Pipeline / Poliduct CONTUGAS (SISTEMA (CURRENT ACTUAL) SYSTEM) PERULNG (GASODUCTO) PIPELINE) PROYECTADOS PROJECTED SEGURIDAD ENERGY SECURITY ENERGÉTICA (Gas (Gasoducto) Pipeline) ENERGY SECURITY (Poliduct) SEGURIDAD ENERGÉTICA (Poliducto) AREQUIPA MATARANI PUNO AREQUIPA MOQUEGUA TACNA ILO LAGO TITICACA BOLIVIA LOOP TGP (KM 88 KM 127) GASODUCTO SOUTHERN SUR PERUVIAN PERUANO GAS (Gasoducto) PIPELINE (Gas Pipeline) ZONA LOCATION DE UBICACIÓN ZONE OF THE PETROCHEMICAL DEL POLO POLE PETROQUÍMICO TACNA CHILE The convenience of installing a poliduct in the energy security zone until the province of Anta will be subject to a technical and economic evaluation by the Transaction Advisor and will be specified in the Bid Terms. 3.2 Modality This is a self-sufficient project that will be granted under the Comprehensive Project Bid modality, so the Successful Bidder will be responsible for the project design, financing, construction, operation, maintenance and transfer. Upon conclusion of the concession term, it will be transferred to the Peruvian State. The Concession will be granted for no valuable consideration by virtue of the provisions set forth in Subsection b) of Article 14 of Supreme Decree N PCM. 3.3 Financial Scheme This project is classified as self-sufficient since the conditions of Article 4 of Legislative Decree are met by: Not requiring State guarantees; and Not using public resources. Investments made in the Energy Security System in accordance with the evaluation report that allowed including this project in the promotion project (Official Letter No DM), are referential and come from a preliminary evaluation and are subject to variations originated from the corresponding technical study and amount to MM US$ 2,869, which will be paid in accordance with article 2.2 paragraph iii) of Law No de 7 -

6 Peru s South Gas Pipeline will be paid with the Guaranteed Income Mechanism, the additional toll to the Main Transmission System of the National Interconnected Electric System. The Transaction Advisor contracted by ProInversión will remain with the Committee during the process, and his main duties will be: i) Designing a technical economic model that simulates the economic financial behavior of the project under different demand scenarios; ii) Promoting participation in the possible investors bid, and iii) Others that are necessary for achieving a successful process. The Transaction Advisor will recommend the Committee the Design of the concession of a self-sufficient project for the participation of investors and gas pipeline operators. The Transaction Advisor will elaborate the technical and financial information in the adequate terms in order to comply with the proposed Schedule. Electroperú will contract the pipeline transport in accordance with section 3.2 of article 3 of Law Concession Term The concession term will be 20 years subject to changes that are supported in the corresponding technical economic studies according to the offer balance and the natural gas demand. 3.5 Short-listing Process The Bid Terms will establish the requirements that the bidder shall comply with to qualify for the Bid. He will demonstrate his or his related companies technical and financial capacity. 3.6 Award Criteria The Award will be granted based on the best proposal presented by the investor in accordance with the criteria established in the Terms. 3.7 Process Schedule The following is the schedule of the main process activities: Promotion Plan Call Terms and Contract Activities / Events Period First quarter First quarter Second quarter - 6 de 7 -

7 Term Consultations and suggestions to the Contract Analysis period of investors, qualification, submittal of the contract final version Final Phase Second quarter Second quarter Third quarter The Committee in charge of the process direction will be able to modify the Term schedule as many times and in the form it is necessary or convenient. 4. CONCLUSIONS The Promotion Plan is summarized as follows: The modality to be used will be mentioned in paragraph b) of Article 14 of Supreme Decree N PCM, Legislative Decree N 1012 an d its Regulation approved by Supreme Decree N EF and amendments. The C oncession will be granted for no valuable consideration. This is a self-sufficient project that will be granted under the Integral Project Bid modality, so the Successful Bidder will be responsible for the project design, financing, construction, operation, maintenance and transfer to the Peruvian State. The concession term will be 20 years subject to evaluation. Bidders will be qualified based on technical criteria that the operators must enforce. Such criteria are related to their experience in hydrocarbon transport infrastructure of similar or greater magnitude than the project, credit rating shown in their financial statements, and enforcement of legal requirements in accordance with the legislation in force, among other requirements included in the Terms. The Bid Award would be granted to the bidder that offers the best economic proposal in accordance with the criteria established in the Terms. The Investment Bank and/or Transaction Advisor will provide the Committee with the necessary support for the development of the economic-financial model, Bid promotion, and support in the different stages of the process. The Bid process schedule foresees that the Award would be granted the third quarter of year. - 7 de 7 -

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