BARRANQUILLA, Colombia, March 31 (Reuters) - Colombia's second largest natural gas transporter Promigas said on Monday it plans to invest $214.6 million in 2008 in its operations in Colombia, Mexico, Panama, Peru, Ecuador and Chile.
Speaking as part of the Reuters Latin American Investment Summit, Antonio Celia Martinez-Aparicio, president of the company controlled by Ashmore Energy International (ASHM.L: Quote, Profile, Research), said he expected net income to increase 15 percent this year compared with a year earlier.
Net income in 2007 was $100 million and new investments will focus on domestic and vehicle gas distribution and liquid fuels, he said.
"The investments are for expansion of infrastructure of services, consolidation in service offers, technology and acquisitions," Celia told Reuters in Barranquilla.
Promigas operates a 2,300-km gas transportation network which is concentrated around the production fields in the Caribbean off northern Colombia.
Celia said the planned investments would be financed with the company's own resources and with credits, which he said the company would access thanks to its strong performance with foreign rating agencies.
Promigas transports 45 percent of Colombia's gas with 1.6 million clients out of the nationwide market of 4.5-million users and holds 40 percent of the national vehicle gas market.
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