Cartagena Refinery

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Ownership

Ecopetrol became the outright owner of the Cartagena refinery, on Colombia's Caribbean coast, when it acquired 51% of the shares of mining and commodities group Glencore International in 2009.[1]

Capacity

As of January 2010, the Cartagena refinery was processing 80,000 barrels per day (bpd) of crude oil.[2]

Expansion and Modernisation Plans

According to industry publication the Petroleum Economist in 2010, Ecopetrol was planning to spend $2.9 billion to expand and modernize the two refineries at Cartagena and Barrancabermeja.[3]


The development plan is intended to increase refinery capacity to 165,000 barrels per day (bpd). The total estimated cost and was expected to be completed by the end of 2012. In 2010, 17.5% of the project was completed.[1]

In January 2012 Ecopetrol announced that it had finalized a $3.5 billion financing package for the modernisation of the refinery at Cartagena. The financing package was provided by a group of export credit agencies and commerical banks, including US EXIM, the Bank of Tokyo-Mitsubishi and Banco Bibao Vizcaya Argentaria.[4]

References

  1. 1.0 1.1 Refining" Ecopetrol Annual Report 2010, retrieved 19 January 2012.
  2. Underground Survey Services for Cartagena Refinery Expansion Project Completed Successfully" PR Log, 31 January 2011.
  3. Ecopetrol continues acquisition binge, as Colombian oil rebirth rolls on" Petroleum Economist, 30 September 2010.
  4. Columbia (sic): Ecopetrol Agrees Financing Deal for Cartagena Refinery" Petrol World, 9 January 2012.