Colombia's Ecopetrol to outlay US$814 mln in refining & petrochemical business in 2009

Colombia's largest integrated oil company Ecopetrol, S.A. announced that its capital investment plan for the year 2009 will total US$6.2 bln, which represents a 35% increase as compared to the US$4.6 bln estimated for 2008. As per a company statement, 60.5% of the total capital investment planned will be invested in its exploration and production segment. Nearly 25% of the investment represents Ecopetrol's contributions to the projects that it will develop jointly with its joint venture partners, while 8% will be invested overseas. "The 2009 investment plan is aligned with our new growth strategy, the goal of which is to become a global energy company as of the year 2015, with daily production of one million barrels of oil equivalent, a greater international presence and a consolidated biofuels, refining and petrochemical portfolio," stated Ecopetrol president Javier Gutierrez Pemberthy. The company will invest US$814 mln in refining and petrochemical business, which will be used in the modernization of the refineries and in the fuel quality improvement plan. The construction and start-up of the hydrotreatment plant in Barrancabermeja will require an investment of US$244 mln in 2009. This project will allow for fuels produced in this industrial complex to meet the most demanding international environmental standards. In addition, the refining investment plan contemplates US$254 mln to develop the Master Plan of the Cartagena Refinery.
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