BOGOTA -- Ecopetrol announces that its board of directors
approved the allocation of an extra $502 million for the modernization project of its Cartagena refinery in 2013.
The decision was made after the management team of Reficar
asked for the additional funds based on an estimated budget of
The modernization of the refinery is expected to make the refinery a strategic asset for the
energy security of Colombia.
The project is expected to bring
benefits that should boost the development of the Colombian
Caribbean Coast region and the local manufacturing sector.
The modernization project is entering its final stage.
The working pace doubled in 2013, compared to last year's, and
the overall progress is at 80.7%.