Manufacturing Industry
COLOMBIA: Joint venture construction plans for proposed $800,000,000 refinery expansion project, GLENCORE INTERNATIONAL AG [Switzerland] & EMPRESA COLOMBIA DE PETROLEOS SA (ECOPETROL) [Colombia] Order #: 110506.
WWP- Report on Oil Gas & Petrochemicals in the Developing World, November, 2006
PROJECT OVERVIEW:
Switzerland-based GLENCORE INTERNATIONAL AG recently paid $631,000,000 to acquire a 51% stake in Colombia's Cartagena refinery. As a result, Colombia's state oil company EMPRESA COLOMBIA DE PETROLEOS SA (ECOPETROL) which sold the stake will retain the remaining 49 % ownership.
According to the terms of the collaborative agreement, the partners will be responsible for the provision of engineering, procurement and construction (EPC) services regarding a planned refinery upgrade project. As a result, the partnership is expected to increase the refinery's production capacity from the current 80,000 barrels per day (b/d) up to 140,000 b/d. In so doing, ECOPETROL will then operate the refinery until 2010.
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