Uribe seeks Chinese financing for energy projects

Colombia's President Álvaro Uribe will look to drum up financial interest for the US$1.2bn, 1,000MW Hidrosogamoso hydro project when he visits China in early April, newspaper El País quoted acting mines and energy minister Yilda Rueda as saying. "This is really the largest hydroelectric project at this time," she reportedly said. The project would be built in Santander department on the Sogamoso river. The site is 50km from Bucaramanga and 56km from oil refining town Barrancabermeja, both of which are important demand centers. Moreover, Santander is in the east of the country, making Venezuela a potential export market. OIL EXPLORATION Uribe will also try to bring the Chinese on board for oil exploration. "This is what we really need in order to make oil exploration effective. The Chinese are very interested in the idea, which is why a presidential committee will travel with the manager of [hydrocarbons regulator] ANH and the president of [state oil company] Ecopetrol to present them with Colombia's oil exploration program," Rueda said. Last year ANH and Ecopetrol awarded 25 exploration contracts and 7 technical evaluation agreements. Colombia's total oil production fell 2.4% to an average of 528,000 barrels a day in 2004 compared to 2003.