The Hydrogen Company of Paraguana Ltd.

MIGA issued a $30 million guarantee to BOC Holdings of the United Kingdom for its equity investment in the construction and operation of a hydrogen plant. MIGA's guarantee covers the risks of currency transfer, expropriation, and war and civil disturbance.

Compania de Hidrogenos de Paraguana (CHP), the project enterprise, is a joint venture with a U.S. industrial engineering services group and is located on the Paraguana Peninsula. Lagoven, a subsidiary of the state-owned Petroleos de Venezuela, will provide the natural gas, boiler feed water, and cooling water for the plant, along with land use rights, permit support, and site utilities. Lagoven's Amuay oil refinery will purchase the hydrogen and steam the plant produces, making it easier for Lagoven to meet the environmental standards of its major export market, the United States, and enabling the firm to process heavier, higher-sulfur crude oil, resulting in improved profitability.

The plant is designed to comply with local environmental laws and relevant policies and guidelines of the World Bank. BOC will recycle the facility's solid waste.