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Ecopetrol to supply new Colombian refinery targeting 2015 start

  • 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.
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