Argentina - Coal Exploration Project

Doc4ument of The World Bank FOR OFFICIAL USE ONLY Report No. 7909 PROJECT COMPLETION REPORT ARGENTINA COAL EXPLORATION PROJECT (LOAN S-20-AR) JUNE 30, 1989 Trade, Finance and Industry Division Asia Technical Department Latin America and the Caribbean Regional Office This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS Currency Urit - Austral (Al) AVERAGE EXCHANGE RATES 1981 Us$1 - A/ 0.0004 1982 US$1 - Al 0.0026 1983 US$1 - A/ 0.0105 1984 US$1 - A/ 0.0676 1985 US$1 - A/ 0.6018 1986 US$1 - A/ 0.9430 1987 US$1 - A/ 2.1443 1988 US$1 - A/ 4.3788 (April) ACRONYMS AND ABBREVIATIONS GdE = Gas del Estado (State Gas Company) YCF = Yacimientos Carboniferos Fiscales (State Coal Company) YPF - Yacimientos Petroliferos Fiscales (State Oil Company) tce - 1 ton of coal equivalent (6,700,000 Kcal) tpy - metric ton per year FISCAL YEAR January 1 - December 31  FOR OUFlCIAI US ONLY ThE WORtLD SANK Washington. DC 20433 USSA OEce t4 Ovet"cg-C.waj June 30, 1989 MEMORANDUM TO THE EXECUTIVE DIRECTORS AND THE PRESIDENT SUBJECT: Proje-t Completion Report on Argentina Coal Exploration Project (Loan S-20-AR) Attached, for information, is a copy of a report entitled "Project Completion Report on Argentina Coal Exploration Project (Loan S-20-AR)" prepared by the Latin America and the Caribbean Regional Office. No audit of this project has been made by the Operations Evaluation Department at this time. Attachment This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be dislosed without World Bank authorization.  FM O mFFCL WI ONLY ARGENTINA COAL ZKPLORATION PMOJECT (LOAN S-20-AR) TABLE OF CONTENTS Page No, Preface ..........................................................1 Basic Data Sheet ................................................ 11 Highlights ...................................................... iv I. INTRODUCTION ........................................... 1 II. PROJECT PREPARATION AND APPRAISAL OBJECTIVES ........... 2 III. PROJECT IMPLEMENTATION AND MANAGEMENT ................6 IV. CONCLUSIONS ............................................ 11 ANNEXES 1. Requirements by Form of Energy 1988-2000 ............... 12 2. Estimated and Actual Cumulative Disbursements .......... 13 3. Total Project Cost ..................................... 14 4. Consultant's Comments ...........................e... MAP IBRD 14996R This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  ARGcLi4TINA PROJECT COMPLETION REPORT COAL EXPLORATION PROJECT (LOAN S-20-AR) PREFACE The Project Completion Report (PCR) reviews the performance of the Coal Exploration Project in the Republic of Argentina channeled through Yacimientos Carboniferos Fiscales (YCF). The project is the Bank's first endeavor to assist in the evaluation of coal reserves in Argentina. With a total cost of US$20.0 million, the nroject provided the governmeat with a basic coal reserves inventory, thus erabling it to establish investment priorities, define policies for the long-term dsvelopment of the Argentinian energy sector, and strer.,then the tezhnical capabilities of YCF. Established in 1946 as a government department for the oevelopment of Rio Turbio mine, by 1958 YCF has be:ome the state coal enterprise responsible for the regulation and exploitation of solid fuels and reported to the Secretariat of Energy withii the Ministry of Economy. Loan S-20-AR for US$10.0 million was approved on May 13, 1981 and declared effective on April 7, 1982. The original closing date (December 31, 1985) was postponed twice to February 28, 1987. This report reviews the implementation of the project based upon the data from project documents and files at the Bank. No Bank mission visited Argentina for the purpose of preparing the PCR. It was prepared by the Trade, Finance and industry Operations Division of the Country Department IV, Latin America and Caribbean Region and Asia Technical De.!artment. This PCR was read by the Operations Evaluation Department (OED). The draft PCR was sent to the Borrover, the Executing Agency, and the con- sulting company on April 17, 1989, for comments by May 30, 1989. Comments received from the consulting company are attached to the report as Annex 4.  - ii - ARGENTINA PROJECT COMPLETION REPORT COAL EXPLORATION PROJECT (LOAN S-20-AR) BASIC DATA SHEET KEY PROJECT DATA (US$ Million) AS OF 5/31/88 ORIGINAL DISBURSED CANCELLED REPAID OUTSTANDING Loan S-20-AR 10.0 10.0 0.0 5.0 5.0 CUMULATIVE LOAN DISBURSEMENT FY81 FY82 FY83 FY84 FY85 FY86 FY87 FY88 (a) Planned 0.8 3.3 5.4 7.6 10.0 10.0 10.0 10.0 (b) Actual 0.0 0.1 1.9 3 9 5.9 8.0 3.5 10.0 (c) (b) as Z 0.0 3.0 35.2 51.3 59.0 80.0 95.0 100.0 of (a) OTHER PROJECT DATA Original Actual Board Approval 12/09/80 12/09/80 Loan Agreement - 05/13/81 Effectiveness 11/30/81 04/07/82 Loan Closing 12/31/85 02/28/87 Completion of Physical Components 06/30/85 08/31/87 Financial Rate of Return (Z) Not applicable - Economic Rate of Return (X) Not applicable - Borrower: Ihe Republic of Argentina Executing Agency: Yacimientos Carboniferos Fiscales (YCF)  - ll