Ecopetrol to supply new Colombian refinery targeting 2015 start

|About: Ecopetrol S.A. (EC)|By:, SA News Editor

Colombia’s Ecopetrol (EC -1.1%) agrees to supply crude oil to a refinery scheduled to start operations in 2015, said the governor of the Meta province where the facility will be located.

The refinery will cost ~$1.5B to build and have a refining capacity of 40K bbl/day of crude, supplying fuel to the region and diluent to EC for the transportation of heavy crudes by pipeline.

A decision on a development partner will be made in the coming days, with construction of Colombia’s third refinery likely to start in Q1 2015 and finish before year-end.