Ecopetrol has declared that its Board of Directors has given its consent for the phase 3 of the Barrancabermeja Refinery (PMRB) modernization project at an investment of around US$3,386 million. The project when completed is anticipated to fulfill the fuel requirements of Colombia thus avoiding imports and improve the profitability of the refinery.
The proposed modernization project will allow the refinery to improve its conversion efficiency from the current 76% to 95% thus enabling it to process more quantity of heavy crude to derive gasoline and diesel. Lately, Colombia witnesses an increase in its heavy crude production levels. Also the developed refinery is anticipated to manufacture quality fuels to cut down the fuel pollution and improve the air quality in Colombia.
The construction of the project, which is anticipated to get completed in 2016, will incorporate modern technologies to perform safe, reliable and eco-friendly operations to place the country on par with other leading Latin American countries. The project when completed will bring in employment opportunities to the region and provide increased level of tax revenues to the government.
The Barrancabermeja refinery located in the department of Santander in Colombia has the capability to process 250,000 barrels of crude every day and meets nearly 80% of the fuel consumed by the country.
Source: http://www.ecopetrol.com.co/