10 May 2013 15:04 [Source: ICIS news]
HOUSTON (ICIS)--Ecopetrol’s board of directors has approved additional funding of $502m (€387m) for the modernisation and expansion of the company’s Cartagena refinery, according to a statement by the Colombian energy and petrochemicals major on Friday.
The project is entering its final stage, and the "working pace doubled in 2013", compared with 2012, Ecopetrol said.
"The overall progress is at 80.7%," it added.
The project – which budgeted more than $6bn - is expected to make the Cartagena refinery a strategic asset for the energy security of Colombia, and it should boost the development of the Colombian Caribbean Coast region and the local manufacturing sector, Ecopetrol said.
In its statement, Ecopetrol did not comment on capacities.
ICIS reported previously that the project aims to increase the Cartagena refinery's capacity from 80,000 bbl/day to 165,000 bbl/day. The refinery's throughput was 76,000 bbl/day in the first quarter of 2013, up 2.7% year on year.
Additional reporting by Simon West
($1 = €0.77)
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