The company has approved $502m of additional funds for the project work.
Ecopetrol’s oil refinery located in the city of Cartagena has a current processing capacity of 75,000 barrels per day (bpd), which is expected to increase to 140,000 bpd, upon the completion of the facility modernization project.
The oil refinery consists of crude units, visbreaking units, fluid catalytic cracker, light products plants, polymerization plants, amine plants, sulfur plants, and impurities treatment plants.
Refineria de Cartagena (Reficar), a subsidiary of Ecopetrol and the operator of the facility, requested for the additional funds based on an estimated budget of $6.4bn.
The upgrade project is expected to make the refinery a strategic asset for energy security of the country.
