Miércoles, 18 de enero de 2017

| 2009/02/17 00:00

Glencore would abandon Cartagena refinery project

Glencore would abandon Cartagena refinery project

The Colombian government and comodities company Glencore have been discussing the possibility of the Swiss company retiring from the project to extend the refinery in Cartagena. The local oil company Ecopetrol would assume the job by itself or would start looking for another partner in the business.

Glencore, who became the owner of 51% of the shares in the society with Ecopetrol in 2006, assumed the challenge of expanding the refinery’s production from 80.000 to 140.000 barrels a day. Nevertheless, the project suffered some delays and the Swiss company claimed they were having difficulties financing the project in the middle of the economic crisis. The Colombian government plans to continue with the expansion of the refinery.

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