Ecopetrol Approves Additional Funding for the Modernization of its Cartagena
BOGOTA, Colombia, May 9, 2013 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE:
EC; TSX: ECP) announces that its Board of Directors approved the allocation of
an extra US$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 US$6,467 million.
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%.
Ecopetrol is Colombia's largest integrated oil & gas company, where it
accounts for 60% of total production. It is one of the top 40 oil companies in
the world and the fourth largest oil company in Latin America. The Company is
also involved in exploration and production activities in Brazil, Peru and the
United States Gulf Coast, and owns the main refineries in Colombia, most of
the network of oil and multiple purpose pipelines in the country,
petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of
the business, estimates for operating and financial results, and those related
to growth prospects of Ecopetrol. These are merely projections and, as such,
are based exclusively on the expectations of management concerning the future
of the business and its continued access to capital to fund the Company's
business plan. Such forward-looking statements depend, substantially, on
changes in market conditions, government regulations, competitive pressures,
the performance of the Colombian economy and the industry, among other
factors; therefore, they are subject to change without prior notice.
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Contact us for any additional information: Investor Relations, Alejandro
Giraldo, +571-234-5190, email@example.com; Media Relations
(Colombia), Mauricio Tellez, Phone: +571-2345377, Fax: +571-2344480,
SOURCE: Ecopetrol S.A.
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CO: Ecopetrol S.A.
NI: OIL UTI
-0- May/10/2013 00:31 GMT
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