Coastal Petroleum Dominicana S.A.

MIGA is providing $23.9 million in guarantees to the Coastal Corporation (recently merged with El Paso Energy), protecting both a loan guarantee and an equity investment in Coastal Petroleum Dominicana S.A., a Dominican gas provider, against the risks of transfer restriction, expropriation, and war and civil disturbance. The project consists of the construction of an onshore bulk-liquid terminal for the receipt, storage, and distribution of liquefied petroleum gas and diesel fuel.

Fuel for cooking and heating is in short supply in the Dominican Republic, and the project is expected to meet close to 40 percent of domestic demand for gas products. Most of the spare parts and consumables required for the ongoing operations will be procured locally. The project is expected to generate 200 local jobs during the construction phase and 17 during the operational stage. For the latter, extensive training will be provided in the operations of the terminal.