November 19, 2007

Norway's DnB NOR to finance energy, aquaculture projects

Norway's largest financial services group, DnB NOR announced plans to grant second-floor financing projects for energy and aquaculture industries from its soon-to-be-launched branch office in Chile.

The bank currently services Norwegian companies operating in the country such as SN Power and Marine Harvest.

Arne-Christian Haukeland, head for Latin American operations, said DnB NOR is specifically interested in financing two LNG projects being developed in Chile.

These projects - an import terminal being constructed in the Quintero port and a

US$500-million LNG regasification plant in Mejillones port - are designed to reduce Chile's dependence on Argentine natural gas imports.

DnB NOR recently took part in the US$208million financing package led by IFC for the Confluencia 158MW hydroelectric project.

Haukeland said the bank aims to open the branch in the second quarter of 2008 after regulatory approvals are granted in Norway and Chile.

DnB NOR currently has a representative in Brazil who serves the bank's clients in Peru.

DnB NOR has a US$21.5 billion market cap.