Cartagena Refinery

=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.

=Capacity=

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

=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.

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.

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.

=References=