PROMIGAS CORPORATE LOAN Summary Of Project Information (SPI)       Project Name    COLOMBIA-Promigas V            Region    Latin America and The Caribbean        Sector       Project No007283   Projected Board DateJune 15, 1996   Company NamePromotora de la Interconexion de los Gasoductos de la Costa Atlantica E.S.P (PROMIGAS E.S.P.)   Technical Partner and/or Major Shareholders    	Promigas'' major shareholders are: Enron Capital & Trade Resources Limited (38.7%); the Scarpetta Group (12.2%); two local finance companies, Corporación Financiera del Valle S.A. (12.4%) and Corporación Financiera Colombiana S.A. (9.9%); IFC (9.2%); and Inversiones Harivalle S.A., a Colombian investment company (5%).    Project Cost Including proposed IFC investment    	Estimated project cost is US$55.8 million. IFC''s proposed investment would include an A loan of up to US$10.0 million and a B loan of up to US$20.0 million.    Location of project and Description of site    	Promigas'' main asset is a 396 km pipeline with a total capacity of 370 million cubic feet per day located on the northern coast of Colombia. The project will extend Promigas'' coverage from the northern coast into central Colombia.    Description of Company and Purpose of Project (include IFC role\development impact)    	Promigas is Colombia''s principal transporter and distributor of gas and petroleum products. The project will support Promigas'' three year expansion program which consists of the construction of a 25 km loop to Promigas'' main line, the acquisition of a 192 km pipeline, the acquisition of an equity stake in the Ballena-Barrancabermeja pipeline, and on-going investments in three of Promigas'' affiliated companies.The company plays an important role in promoting continued economic development through the use of natural gas, which is substantially cheaper than competing energy sources such as fuel oil. The project will improve the technical and economic efficiency of the Colombian gas transportation sector and expand capacity and facilitate increased demand in northern Colombia. In addition, the project will open up new areas of Central Colombia to gas distribution.    Environmental Category and Issues    	This is an environmental review category B project. The project promotes the use of natural gas which is much more environmentally friendly than alternative fuels. Environmental, health and safety issues associated with this project include right-of-way construction and maintenance impacts, solid and liquid waste disposal, and employee and public safety.  The proposed loop will be constructed in existing right-of-way and has been reviewed and approved by the appropriate authorities in Colombia.  An environmental audit has been completed for the existing 192 km pipeline; its recommendations are being organized into a Corrective Action Plan (CAP) for review by IFC.     The  is  May 10, 1996 from the Public Information Center.         Date SPI sent to PIC     May 9, 1996      For Additional Information contact:  Corporate Relations Unit -   telephone: (202) 473-7711   facsimile: (202) 676-0365  Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).