October 9, 2008

Conduit Capital Subsidiary Awarded Concession to Build Gas Pipeline in Peru

Conduit Capital Partners, a private equity investment firm, has announced that its subsidiary, Kuntur Transportadora de Gas, has been awarded a 30-year concession contract by the government of Peru to build a 700-mile pipeline that will carry natural gas from the Camisea gas fields to the port of Ilo in southern Peru.

Development and construction costs for the pipeline, known as the Gasoducto Andino del Sur (GAS), are estimated to be $1.4 billion. The pipeline will deliver attractively priced gas that is expected to help spur economic growth in Peru's southern region, which will begin facing power shortages as soon as 2011.

Conduit is expected to begin the full development of the project, including the signing of firm off-take contracts, environmental studies, detailed engineering, financial structuring and the incorporation of additional equity participants. Construction is expected to begin in 2010 and the pipeline should be operational by the end of 2012.