Graña y Montero Announces Participation in Peruvian Southern Gas Pipeline
30 September 2015 - 5:19AM
Business Wire
Graña y Montero S.A.A. (NYSE: GRAM) (BVL: GRAMONC1) (“the
Company” or “Graña y Montero”) a leading Engineering and
Construction company, announced today that after signing a
Memorandum of Understanding with Odebrecht Latinvest, Graña y
Montero Group agreed to participate with a 20% stake in the
shareholder equity of Concesionaria Gasoducto Sur Peruano S.A. This
agreement represents for the Group an approximate investment of US$
215 million, which reflects a clear sign of confidence in the
future of the country.
Concesionaria del Gasoducto Sur Peruano S.A., is responsible for
the design, construction and operation of the pipeline system for
gas transportation. The Southern gas pipeline is a project which
will bring natural gas to the southern region of the country,
especially to the provinces of Cuzco, Arequipa, Puno and
Moquegua.
Mario Alvarado Pflucker, CEO of Graña y Montero, said that “this
investment will generate new contracts for the Group for
approximately US$ 1,000,000,000.00 (Backlog).”
He also indicated that “participating in the construction of the
Southern Gas Pipeline- which is one of the most important
infrastructure projects under execution in Peru- is in line with
Graña y Montero’s strategy, and it will allow us to increase our
know-how and gain presence as a regional player. Therefore, this is
an opportunity that will allow us to face the challenges that arise
in the future, thinking about the Group and in the more than 40,000
families that comprise it.”
This project, which has an experienced high quality operator
such as Enagas, will enter into the “stable cash flows” portfolio
of projects, which is the strategy with which the Group has avoided
the variable cycle of construction, and currently has allowed it to
have more than half of its gross profit from long term stable
businesses.
This Peruvian Group is one of the most qualified organizations
for the construction and operation of gas pipelines in the region.
Its participation in the construction of Camisea gas pipeline for
TgP, as well as in the main pipeline of Lima for Cálidda, and in
the one for Contugas in the Ica region, has allowed it to develop
the skills for construction.
Moreover, last year it acquired together with Enagas and CPPIB,
the company COGA which operates and maintains the transporting
system of natural gas of Camisea, being TgP the concessionaire.
“For years, we have been preparing ourselves in order to face such
challenges. We believe we are ready to contribute with our
knowledge and experience, and help GSP become one of the best
developed projects in the country,” indicated Alvarado.
He further noted that the strategy of partnering with companies
of high technical ability has always been one of the mechanisms
used in its 82 years of history; and that this has enabled them to
strengthen and acquire new capacities, always guided by the Graña y
Montero style.
About Graña y Montero S.A.A.
Graña y Montero is the only Peruvian engineering and
construction company listed on the Lima Stock Exchange since 1997
and in the NYSE since 2013. The Company has participated in the
development of major engineering and construction projects in Peru,
including large-scale, complex projects in the energy, mining,
construction and real estate sectors.
With 82 years of operations, the Company has leveraged its
engineering and construction expertise into complementary lines of
business, such as the development, ownership, operation and
maintenance of infrastructure assets, real estate developments, and
the provision of technical services. The Company has significant
investments in infrastructure concessions, such as three toll roads
and Line 1 of the Lima Metro.
The Company has also executed several projects outside Perú, and
has acquired three companies in Chile: DSD Construcciones y
Montajes, an engineering and construction company specialized in
providing services to the energy, oil and gas, cellulose and mining
sector in Chile and Latin America; Vial y Vives, a construction
company specialized in the mining sector, and CAM, specializing in
electric services, with operations in Chile, Peru and Colombia. It
recently acquired Morelco, a Colombian company specialized in
electromechanical assemblies, civil works, and services for the oil
and gas industry as well as energy industry.
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version on businesswire.com: http://www.businesswire.com/news/home/20150929007037/en/
Graña y Montero S.A.A.Dennis Gray, 511-213-6583Investor
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